Following Supervisor Jay Schneiderman’s presentation to the Standard & Poor’s Rating Services review board in May, the town of Southampton was awarded an “AAA” bond rating. Last week, the town was issued $12 million of general obligation bonds at an interest rate of 2.643 percent, from Fidelity Capital Markets, according to a press release.
“This is excellent news,” noted Supervisor Schneiderman. “It demonstrates the bond markets’ confidence in the Town’s financial stability, while serving to highlight the fact that maintaining the highest credit rating possible serves our taxpayers well.”
The proceeds from the bond sale will go toward the funding of 2018 capital projects, including road improvements, improvements to town beach facilities, acquisition of heavy equipment, upgrading public safety communications and software and renovations to Town Hall.