Select Board approves $9.6M bond anticipation note for school project
Swampscott Select Board approves $9.6 million bond anticipation note for school refinancing. Town Treasurer and Finance Director Patrick Luddy reported the Town received an SP-1+ rating, the highest available for short-term municipal debt, reflecting strong credit position and proximity to Boston
Select Board · Meeting of February 27, 2026
Swampscott Select Board approves $9.6 million bond anticipation note for school refinancing. Town Treasurer and Finance Director Patrick Luddy reported the Town received an SP-1+ rating, the highest available for short-term municipal debt, reflecting strong credit position and proximity to Boston employment. The BAN, maturing March 4, 2027, was sold to Jefferies LLC at $5.6 million and Truist Securities at $4 million, each at 4.00% interest.
Luddy confirmed approximately $2.5 million in pending MSBA reimbursements will arrive before maturity, allowing full payoff without converting to long-term debt.
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Source: the Select Board meeting of February 27, 2026, compiled from the official minutes.
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