City of Somerville, Massachusetts
General Obligation Refunding Bonds (2017)

Somerville

Invest in Somerville Massachusetts bonds today. The city is refinancing a portion of its bonds issued in 2006 to reduce its ongoing debt service costs. The 2006 bonds were issued to finance school renovations, sidewalk repairs, police cars and a ladder truck for the local fire department.


Issuance characteristics
  • Refunding
  • Not callable
  • Federally tax exempt
  • General Obligation
  • Competitive sale

About this bond issuance

  • Purpose

    Bond proceeds will be used to refund bonds originally dated August 15, 2006, February 1, 2009, February 15, 2010 and June 15, 2010.

  • Obligor

    Somerville, Massachusetts

  • Issuer

    Somerville, Massachusetts

  • Authority

    Bond proceeds will be used to current refund a portion of the City's $11,120,000 General Obligation Municipal Purpose Loan of 2006 Bonds dated August 15, 2006, maturing in the years 2018* through 2026*, inclusive, in the aggregate principal amount of $2,945,000, to advance refund a portion of the City's $4,975,000 General Obligation Municipal Purpose Loan of 2009 Bonds dated February 1, 2009, maturing in the years 2022*, 2025* and 2028*, in the aggregate principal amount of $1,285,000, to advance refund a portion of the City's $4,834,000 General Obligation MunicipalPurpose Loan of 2010 Bonds dated February 15, 2010, maturing in the years 2021* through 2028*, inclusive, and 2030*,in the aggregate principal amount of $2,015,000, and to advance refund a portion of the City's $7,771,000 General Obligation State Qualified Municipal Purpose Loan of 2010 Bonds dated June 15, 2010, maturing in the years 2021* through 2029*, inclusive, in the aggregate principal amount of $3,605,000 (collectively, the "Refunded Bonds"), and to pay costs of issuing the Bonds.

  • Security

    Full Faith and Credit. General obligation bonds and notes of a Massachusetts city or City constitute a pledge of its fullfaith and credit. Payment is not limited to a particular fund or revenue source. Except for "qualified bonds" as describedbelow (see "Types of Obligations- Serial Bonds and Notes" under "INDEBTEDNESS") and setoffs of state distributions asdescribed below (see "State Distributions" below), no provision is made by the Massachusetts statutes for priorities amongbonds and notes and other general obligations, although the use of certain moneys may be restricted.

Ratings

Ratings

AA+

S&P

Moody's

Fitch

Financing team

Neighborly Securities
Neighborly is the lead manager on this issuance.