Vermont Bond Bank’s community outreach efforts recognized ahead of upcoming bond sale
Winooski, VT (July 21st, 2020) – Moody’s Investor Services, Inc. and S&P Global Ratings confirmed the Vermont Bond Bank's (the “Bond Bank's”) ratings at “Aa2” and “AA+,” respectively, in anticipation of the upcoming 2020 Series 2 bond sale expected to occur on Thursday, July 23rd.
The Moody’s report noted the positive impact of the Bond Bank’s efforts to, “bolster community outreach.”
“The Bond Bank focused on our borrowers over the last year with new online tools and staff who are helping deepen our engagement,” said Executive Director Michael Gaughan. “It’s confirming that Moody’s recognized our efforts.”
The bond sale follows approvals for the underlying ten (10) loans that occurred during the June 25th board meeting. On the approvals, Bond Bank Board Chair David Kimel stated, “The Bond Bank is a leader in infrastructure finance. This pool of loans is consistent with our long history of advancing Vermont’s community well-being.”
In aggregate, the approved projects are estimated to support the following outcomes:
- Over 70,000 Vermonters benefiting from the improvements;
- Over 22,000 square feet of civic, library, and community space;
- Over seven miles of road improvements;
- Nearly three miles of streetscape improvements; and,
- One fire truck purchased.
More details on the bond offering can be found at: vtbondbank.org/investors.
About the Bond Bank
Fifty years ago, the Vermont General Assembly established the Bond Bank to provide loans for local infrastructure projects following a period of facilities construction across the state when the ability of local governmental units to secure long-term debt financing was at risk.
The solution embodied in the Bond Bank was a state instrumentality with a mandate to “foster and promote by all reasonable means” access to long-term debt financing while, to the extent possible, reducing related costs to taxpayers and residents.
Over the ensuing years, the Bond Bank has financed billions of dollars in local investment by purchasing and “banking” the bonds and notes of governmental units. The Bond Bank is governed by a five-member Board of Directors with four appointed by the Governor and the State Treasurer serving as an ex-officio member.
Please visit vtbondbank.org for more information on the Bond Bank and its programs.