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BOSTON (WWLP) – Tens of millions of dollars in bonds have been approved for the City of Westfield. 22News explains how the money will be spent.
The State Auditor has authorized the state to borrow $96 million on behalf of Westfield. The money will finance all sorts of citywide projects from school remodeling to building construction to water main repairs.
Westfield town officials approached the State Auditor for the money. While the city has good credit, the state has an exceptional AA+ bond rating that would allow the city to borrow money at a lower interest rate.
State Auditor Suzanne Bump says the state’s bond rating could save Westfield $3 million; “So that’s a substantial benefit to the taxpayers of the City of Westfield. The Commonwealth is protected against the city’s default, the city get the benefit of the state’s lower bond rating.”
State Auditor Bump says that if Westfield were to default on its financial obligations, the state would be able to recoup the money from annual state budget funds distributed to cities and towns.