Vermont Bond Bank’s recent bond issuance helps Vermont communities move forward while also providing financial relief through interest savings
Burlington, VT (August 10, 2023) – The Vermont Bond Bank today announced the first of two closings related to a $46.38 million bond issuance that will finance $26.69 million in new projects in seven towns, two school districts, and one city.
The issuance will additionally provide over 20 Vermont communities a total of $1.5 million in interest savings on existing loans. The savings will benefit Burlington and other flood-impacted communities.
Among the new projects is a large addition to the Jeudevine Memorial Library in Hardwick. The addition will make the entire library ADA accessible, add dedicated space for children and teens, and add a community room with enough seating space for community events.
According to Library Director Diane Grenkow, Jeudevine Memorial is “a community hub with free services for everybody from birth to elders,” and the addition will help meet its goal of being “a place for people to gather for generations to come.”
Commenting on the projects and refunding savings, Michael Gaughan, Executive Director of the Vermont Bond Bank, said, “Now more than ever, Vermont communities need social infrastructure that brings people together, but we also know that resources are limited, which is why we’re constantly working to keep projects affordable through low-cost financing.”
In total, the new projects include an ambulance and miles of roads, sidewalks, and water and wastewater lines alongside nearly 400,000 square feet of public buildings updated while impacting nearly 80,000 Vermonters.
About the Vermont Bond Bank
Established by statute in 1970, the Bond Bank has been facilitating bond financing for Vermont’s local infrastructure for over 50 years. Twice a year, the Bond Bank issues bonds in the public market to fund loans to Vermont municipalities, school districts, and other governmental units through its Pooled Loan Program.
The Bond Bank also co-manages the state revolving funds (SRFs) for water, wastewater, and stormwater infrastructure in collaboration with the Vermont Department of Environmental Conservation. Between the Pooled Loan Program and the SRF program, the Bond Bank manages a loan portfolio of over $830 million.
Learn more at vtbondbank.org.