City of New Britain
Office of Mayor Timothy Stewart
November 23, 2010
FOR IMMEDIATE RELEASE
MAYOR STEWART CONFIRMS SAVINGS ACHIEVED THROUGH TIMING ON SALE OF POLICE STATION BONDS
New Britain Mayor Timothy Stewart issued a follow up statement on the City’s October 28, 2010 sale of $36.9 million in general obligation (GO) bonds. $18 million of the bond issue are federally taxable Build America Bonds, $9 million are federally taxable Recovery Zone Economic Development Bonds, and $7 million are Tax Exempt Bonds. The proceeds from the bond issuance will be used to fund the construction of a new Police Station. The bonds received a ‘AA-’ rating from the Fitch Group Reporting (“Fitch”) and an ‘A’ rating from Standard & Poor’s Ratings Services (“S&P”).
“Some members of the Common Council had expressed concern about the timing of the bond sale given the wish by some on the Council and in the community to delay the Police Station project.” Mayor Stewart said today. “An analysis performed by the City’s Underwriters, William Blair & Company, showed that if we had waited even three weeks to issue the bonds rather than the end of October, the City would wind up paying an additional $1.1 million in interest costs.”
The importance of the timing of the bonds is due to the December 31, 2010 expiration of the ability of municipalities to issue Build America Bonds (BABS). The closer to the expiration date, the more towns and cities are selling BABS thus saturating the market for these bonds. More bonds on the market means a higher interest rate would need to be paid to attract investors to those bond issues.
Mayor Stewart continued, “By not waiting until later in the year, the City has once again prudently managed our bonding and finances to save taxpayer dollars by minimizing interest costs. This is a conversation I have had with Council members many times: That not only is the amount of bonding important to manage, but the timing is a critical component as well. I felt it was important to confirm that this was indeed the case with the bonds for the Police Station project, as there had been an implication by some that I was ‘crying wolf’ about the need to issue the bonds at that point in time in order to push the project forward. ”
Stewart concluded “While I welcome the Council’s continued interest in the Police Station project, I believe this interest cost analysis shows that there is a quantifiable cost to delay and indecision making it critical to continue to move the project forward.”
Wednesday, November 24, 2010
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13 comments:
Sherwood and Trueworthy will continue to throw monkey wrenches into the project the same way they prevented the cops from getting the new police cruisers they desperately needed.
Why is it the council Democrats appear to hate the police so much?
Where will they turn when they are in trouble?
As Al Pacino said in that detective movie, "I'm scum to these people until the wet ass hour, then I'm everybody's daddy."
When these Democrats need their daddy, maybe they will learn to respect the police?
At least one could hope for a miracle.
Trueworthy and Sherwood really just want to prevent Mayor Stewart from realizing the Police Station while he remains in office. If one of their own was proposing and bonding a new Police Station these two clowns would be full steam ahead in favor of it.
The City of New Britain under the direction of Tim Stewart maintains an "A" bond rating which has helped us with this project tremendously. Residents really need to understand these issues when placing votes to elect Mayor Stewart but voting for people like Trueworthy and Sherwood at the same time. It has be a volitile situation with these obstructionists. Just imagine what more could have been done to move New Britain forward without these pains in the as---s.
And look out when Mayor Stewart puts down his fists and raises a white flag. We will get the sloppy, wet handshake of a full time politician Tim O'Brien to lead us. A disaster in the making.
Could the reason they hate the police so much be the arrest of Peter Tercyak, that appeared on the front of the Herald a few weeks back? Perhaps they feel the police shouldn't have arrested him because he's a Democratic legislator???
Not sure but in the case of the Tercyak incident, did that NOT occur out of town? NB police have enough to do here in town.
I just think it is Sherwood's way of punishing the cops for not finding any cause to make an arrest in his ridiculous complaint.
Why else would he and Trulyworthless block them from getting new cruisers and a few weeks later try to stop the new police station, unless they just simply hate the police?
" Anonymous said...
I just think it is Sherwood's way of punishing the cops for not finding any cause to make an arrest in his ridiculous complaint.
Why else would he and Trulyworthless block them from getting new cruisers and a few weeks later try to stop the new police station, unless they just simply hate the police?
November 25, 2010 1:16 AM"
There is another reason for the dumbness of Sherwack & Trulyworthless reagarding their obstructionist tactics; it was reported in The Herald soon after the "threat" incident last summer that Stewart would no longer host leadership meetings with Republican and Democrat Council leaders. The Mayor felt that Sherwood and Trueworthy were not carrying accurate information back to their Dem caucus as to what was discussed at leadership, e.g., the alleged "threat."
Probably in retaliation, Dumb & Dumber are trying to force the Mayor to resume leadership meetings.
Not a problem; the Mayor now sends out to all Council members pre-meeting-agenda notes on all items to be discussed. Now, all receive the same info.
Anonymous said...Not sure but in the case of the Tercyak incident, did that NOT occur out of town? NB police have enough to do here in town....
It occurred in Hartford. The Hartford Courant had a full color photo of the honorable Tercyak being hauled away in handcuffs by a Hartford Police officer. The New Britain Herald showed its true one sided radical colors by never printing a word about a New Britain elected official getting arrested. If you buy that non-sense about it being out of town and not being newsworthy to New Britain, then you are demonstrating ignorance.
Does anyone believe that the Herald would have afforded the Mayor, or a Republican Alderman the same discretion if one of them were to get arrested during a radical incident of civil disobedience simply because it didn't happen in New Britain?
If the Herald were more slanted, it would tip over!
New Britain is quite the place, Tercyak gets arrested and it's all over the blogs and in the Hartford Courant and he still gets elected a couple of months later?
His residency has been in question and Tim O'Brien's residency was in question but again, they get elected?
Sherwood and Trueworthy are total losers and cause horrendous problems for our city but they get elected?
Craziness, and BTW, how's that new tax bill for ya?
Wait til you see your new 8% state income tax bill and the bill for the new state property tax that Malloy promised to tack on top of your municipal taxes. He promises to balance the state budget by jacking up all the taxes on the 50% of us who actually pay taxes and support the free ride the other 50% get at the hands of these socialist Democrats.
Anonymous said...
Trueworthy and Sherwood really just want to prevent Mayor Stewart from realizing the Police Station while he remains in office. If one of their own was proposing and bonding a new Police Station these two clowns would be full steam ahead in favor of it....
...I think it is simpler than that. Since most Democrats despise the police even more than they hate the military, Sherwood and Trueworthy could simply be showing their true colors?
These 2 do seem to have a common theme in disrupting anything that would benefit the police, don't they?
There is a old saying that seems to apply to the so-called two leaders of the council: "Let everyone think your stupid, DON'T open your mouth and prove it".
Frank,
If one reads this press release all I am trying to say is that if we had waited like the council suggested, it would have cost the city more than a million dollars more in interest costs. The financing mechanisms used for this project have been quite timely and hesitating and delays will cost us money. The title for the article in the Herald was done by them not me as some seem to not believe. This release and statement are meant to show people that waiting will cost the city money so continue to make progress and build the HQ and let development take its course.
Mayor Stewart
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