Watertown Common Council members voted unanimously Tuesday to authorize the sale of $3.9 million in general obligation promissory notes to pay for infrastructure improvements and new equipment.
Currently, Moody’s Investors Service assigns a Aa3 rating to Watertown’s $3.9 million general obligation promissory notes. The notes are general obligations of the city, and all the taxable property in Watertown is subject to the levy of a tax to pay the principal and interest on the notes as they become due.
“This resolution is really the final step in finalizing the interest rates and terms for the notes,” Robert W. Baird Managing Director Brad Viegut told council members. “We’re able to finalize at a 3.42% interest rate.”
The notes have principal payments that are due annually beginning June 1, 2024. The final payment is June 1, 2031.
“One of the credit strengths that Moody’s cites is the very healthy operating reserves of the city,” Viegut said. “That and the Aa3 rating goes a long way to securing a low interest rate relative to the market that is available today.”
The 2023 capital project list includes: $127,561 for a 911 system rebuild; $600,000 for fire station design and construction documents; $137,600 for aquatic center slide replacements; $87,400 for Riverside Park repairs; $115,000 for a riding lawn mower; $115,000 for Main Street Bridge design; $100,000 for Cady Street Bridge rehabilitation work; $655,000 for reconstruction of South Washington Street; $296,000 for Emmet Street reconstruction; $259,000 for West Madison Street reconstruction; $162,000 for West Milwaukee Street reconstruction,; $115,000 for senior center parking lot resurfacing; and $150,000 for pavement marking, crack sealing and seal coating.
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