Plymouth Secures AA+ Bond Rating, Borrows $41.6 Million for Town Projects
Town also unveils July 4th celebration plans and launches master planning process
PLYMOUTH, MA - June 18 - Plymouth officials announced a series of significant developments for the town at a recent Select Board meeting, including a strong bond rating, plans for Independence Day celebrations, and the launch of a comprehensive master planning process.
Finance Director Lynne Barrett reported that Plymouth received a AA+ bond rating from Standard & Poor's, allowing the town to borrow $41.655 million for various projects. The borrowing includes a $33.955 million general obligation bond with a net interest cost of 3.7278% and a $7.7 million bond anticipation note.
"We were pleased with that," Barrett said, noting the rating is a "stable, strong outlook" based on factors including a steadily growing property tax base, positive operating results, and strong management practices.
The borrowed funds will support projects including beach nourishment, fire station construction, and infrastructure improvements. Barrett emphasized the importance of the town's financial policies and practices in securing the favorable rating.
"We have manageable debt, which means that we budget for between a 6% and 8% out of our budget every year for debt service," she explained.
The July 4th Committee presented plans for Plymouth's Independence Day celebrations. Committee member Matt Tavares outlined events including a 5K race, parade, and fireworks display.
The parade, themed "You're a Grand Old Flag," will step off at 9 a.m. from Cordage Park. Tavares encouraged community participation, noting there's still time to register as a parade entrant.
"We look forward to a safe, happy, fun-filled holiday, a patriotic holiday, celebrating all of us here in the United States, in America's hometown," Tavares said.
Fireworks are scheduled for approximately 9:15 p.m. over Plymouth Harbor, with a rain date of July 13. The committee is still seeking donations to support the events.
Town Manager Derek Brindisi announced the launch of an 18-month master planning process for Plymouth. A public kickoff meeting is scheduled for Thursday at South Middle School at 6 p.m.
"This is gonna kick off, I would say at least an 18 month period of master planning that's gonna be led by our planning board and our planning director, Mr. Lee Hartmann," Brindisi explained.
The master plan will guide the town's development and policy decisions for years to come, making public participation crucial to its success.