The Town of Sweden has successfully sold $665,000 worth of bond anticipation notes on the municipal bond market to fund the first phase of a road and parking lot reconstruction project. The BANs will be converted to 10-year bonds in December and the remaining $795,000 worth of bonds issued at the same time. The purchaser of the BANs was Roosevelt and Cross at an interest rate of 2.2609%. The winning bid was the lowest of four offers made.
The $1.46 million three-year project includes the reconstruction/repaving of East Canal Road, West Canal Road, County Line Road, Hollybrook Road, Skidmore Drive, the Town Hall parking lot, Community Center parking lot, Highway Garage parking lot, and two Town Park parking lots.
Prior to the new debt issuance, Sweden’s total debt was $1,059,779, most of which is for public water and sewer expansion. The only non-water and sewer existing debt is $150,000 for the initial development of the Sweden Town Park. The park debt will be retired in 2020.
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