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February 9, 2017 <br /> For Immediate Release <br /> For Further information, contact; <br /> Arnold Lovering <br /> Treasurer <br /> 1625 Massachusetts Ave. <br /> Lexington, MA 02420 <br /> Tel: (781) 861-2768 <br /> Lexington $45,475,000 Bonds Net 3.069%; $13,387,096 Notes Net <br /> 0.959% <br /> Arnold Lovering, Town Treasurer, received competitive bids from bond and note <br /> underwriters on Tuesday, February 7, 2017, for a $45,475,000 30-year bond issue and <br /> a $13,387,096 1-year note issue. Robert W. Baird & Co., Inc. was the winning bidder on <br /> the Bonds with an average interest rate of 3.069%. Eastern Bank was the winning <br /> bidder on the Notes with a net interest cost of 0.959%. The Town received a total of 9 <br /> bids on the Bonds and 7 bids on the Notes. Bond and Note proceeds will be used to <br /> fund various municipal projects. <br /> Prior to the sale, Moody's Investors Service, a municipal credit rating agency, <br /> assigned the highest rating of "Aaa" to the Town's Bonds and assigned the highest <br /> rating of "MIG-1" to the Notes. The agency cited the Town's healthy financial position, <br /> sizeable and affluent tax base, manageable debt and pension burdens, and strong <br /> management as positive credit factors. <br /> Also prior to the sale, S&P Global Ratings, another municipal credit rating <br /> agency, assigned the highest rating of "AAA" to the Town's Bonds and assigned the <br /> highest rating of "SP-1+" to the Notes. The agency cited the Town's very strong <br /> economy, strong management with good financial policies and practices, strong <br /> budgetary performance, very strong budgetary flexibility, very strong liquidity, strong <br /> debt and contingent liabilities position, and strong institutional framework as positive <br /> credit factors. <br /> The bids for the Bonds and Notes were accepted at the offices of the Town's <br /> Financial Advisor, FirstSouthwest, a Division of Hilltop Securities Inc., at 54 Canal <br /> Street in Boston, Massachusetts. <br /> -end- <br />