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Fairfield First Selectman Tetreau Touts 'Exceptional' Rates in Transaction

Town sold $25 million in bonds, notes.

Submitted photo/ Pictured above are (standing, from left to right): Town Treasurer Helen D'Avanzo, First Selectman Mike Tetreau, and Selectman Cristin McCarthy Vahey; (sitting): Robert Mayer and Matthew Spoerndle.
Submitted photo/ Pictured above are (standing, from left to right): Town Treasurer Helen D'Avanzo, First Selectman Mike Tetreau, and Selectman Cristin McCarthy Vahey; (sitting): Robert Mayer and Matthew Spoerndle.
Fairfield First Selectman Mike Tetreau announced that the town's Bond Committee participated in an $11,500,000 bond sale and a $14,030,000 note sale that has resulted in "exceptional" interest rates.

The Bond Committee, which consists of  the Board of Selectmen, Town Treasurer Helen D'Avanzo and Fiscal Officer Robert Mayer, unanimously approved the note sale to JP Morgan, the winning firm that bid 0.117 percent interest, according to Tetreau. The Bond Committee also unanimously approved the bond sale to UBS Financial, the winning firm that bid 2.856 percent interest.

"The town is extremely pleased with the highly successful outcome of today’s bond and note sale," Tetreau said in a statement released Tuesday.  "I thank our fiscal management team for their sound management that has resulted in the town being able to fund projects with these low rates that will save taxpayer dollars."

Frank Cleary, of Pullman & Comley LLC, the town's bond counsel, and Matthew Spoerndle of Phoenix Advisors, the town's financial advisor, were also present at the auction.

"The town should be very pleased with the results of today's very successful sale," Spoerndle said in the statement. "Clearly, the town's exceptional bond ratings had a great impact on the rates."

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