Last week, Standard and Poor’s upgraded Chilmark’s bond rating from AA to AA+. The high marks meant big savings for Chilmark.
Tuesday morning Chilmark issued $2,820,000 in General Obligation Municipal bonds. The winning bid for the 14-year bonds was 2.16 percent, town treasurer Melanie Becker said.
The bonds represent two issues; $1,400,000 in bonds for the Middle Line Road Affordable Housing duplexes, and the remaining $1,360,000 was a reissue of school bonds for the Chilmark School at the lower interest rate.
The lower rate for the school bonds will result in $170,000 of savings for the Up-Island Regional School District, Ms. Becker said.
Under the terms of the regional agreement, Chilmark pays 80 percent of its school’s debt service and West Tisbury and Aquinnah, which does not have a school, pay the remaining 20 percent. In the case of the West Tisbury School, West Tisbury pays 80 percent and the other two towns make up the 20 percent.