Bellingham Select Board Approves $7.2 Million Bond Sale at Below-Market Rate

BELLINGHAM — May 19, 2025 — Bellingham Select Board approves $7.2 million bond sale and flags $60 million post-employment benefits liability. The board voted unanimously May 19 to ratify the competitive sale of general obligation bonds to PIPA CMR and Company at a true interest cost of 3.662 percent, below the 3.8-to-3.9 percent range currently seen by AAA-rated communities; the town retained its double-A-plus S&P rating. Proceeds will fund four capital projects: a $2.5 million DPW building, a $1.1 million fire pump engine, $1.5 million in police station improvements, and $2.1 million in design and engineering. Auditor Bob Brown presented a clean fiscal year 2024 opinion, noting a general fund balance of $18 million and a post-employment benefits liability carrying a negative $60 million effect on net position — a figure Brown called significant given the town's current annual contribution of only $100,000 to the benefits trust. Finance Committee Chair John Alum pressed the board on uninsured cash deposits, citing the town of Franklin's model of zero custodial risk and urging staff to explore U.S. Treasury-bill money market funds currently yielding 3.9 percent; the CFO confirmed outreach to Franklin is already underway.