Darien announces successful bond issuance

The town of Darien announced a successful bond issuance of $3.1 million with Morgan Stanley& Co, LLC handling the issuance.

The fixed rate, municipal bonds have maturities ranging from two to 10 years and a true interest cost of 1.739 percent including bond premiums, according to the town.

The funds will be used to finance the $1.925 million purchase of .57 acres on Short Lane, which the town is planning to turn into part of Weed Beach, $228,000 for a police boat with more modern rescue equipment, a new heating system for the Board of Education’s administrative offices at 35 Leroy Ave., and various paving projects.

In rating the bonds, Moody’s Investors Service stated that Darien has a “sound financial position supported by formal financial policies and long-term planning.” Also noted was Darien’s strong economy, sizable tax base, and affluence, and its proximity to New York City, Westchester County, and Fairfield County employment centers.

“It’s great that our taxpayers continue to benefit from Darien’s strong and healthy fiscal condition and a very favorable interest rate environment,” First Selectman Jayme Stevenson stated.