The Town of Smithfield, Rhode Island successfully sold $6,075,000 of general obligation bonds in the competitive bond market today. The Bonds will finance the renovation and expansion of the Smithfield Police Station.
The Bonds, which mature in twenty years, received seven bids with the winning bid from the firm of Janney Montgomery Scott based in Philadelphia, with a local office in Providence, at a true interest cost of 1.944%. The timing of the sale was advantageous – long-term tax-exempt interest rates remain near historical lows.
Strong interest in the Town’s bond issue can be attributed to its very favorable credit ratings of AA from S&P Global Ratings and Aa2 from Moody’s Investors Service. Both rating agencies affirmed the Town’s ratings after meeting with the Town earlier this month.