Town of Norwich
The Town needed to finance the construction of a new headquarters for the police and fire departments. BOND
The Bond Bank approved a loan in the amount of $1.4 million to finance the new facility. Notably, the Town is incorporating significant energy efficiency measures into the design that are expected to result in a 44% reduction in total energy consumption versus the conventional alternative. These measures enabled the Bond Bank to capitalize the Town’s loans with the proceeds of Green Bonds that were marketed to investors interested in both the financial and environmental outcomes of the investment. The project was under construction as of the end of 2017.
Hyde Park School District
The long serving home for the elementary school was constructed in the late 19th century with additions added over the course of the 20th century. The multiple buildings were showing signs of age as the facilities developed problems with ceiling integrity, roof deficiencies, and temperature regulation. Following voter approval, the District required financing for the repairs to the multiple structures.
BOND BANK SOLUTION
The Bond Bank approved a loan in the amount of $9.8 million. The financing will allow the District the ability to draw down on the funds as construction on the project proceeds until an anticipated completion date in spring 2018.
Town of Salisbury
The Town tragically lost an historic covered bridge to fire in 2016. The bridge served as a critical link to the nearby Town of Cornwall and was reconstructed with an interim loan from a local bank.
BOND BANK SOLUTION
The Bond Bank approved financing in the amount of $850 thousand to refinance the interim bank facility with a long-term loan. The Bond Bank’s financing helped the Town leverage an additional $360 thousand in outside funds for the project.