Wednesday, March 2, 2011

City of Westbrook Receives Favorable Bond Rating, Low Interest Rate


Despite a six-month delay in selling bonds due to the rejection of its 2009
audit, Westbrook received some refreshingly good financial news when it finally
sold the bonds this week. Westbrook received high scores from bond rating
agencies, helping it receive an excellent interest rate for borrowing, City
Administrator Jerre Bryant said. "We received four bids (Tuesday) morning with
the low bid submitted by Bank of America Merrill Lynch at an interest rate of
3.13 percent--we are thrilled with the rate," Bryant said.
- John C.L. Morgan

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