Lexington Select Board Approves $15.8 Million Bond Notes at 2.78 Percent Rate

LEXINGTON -- July 21, 2025, Lexington Select Board unanimously approves $15.8 million in bond anticipation notes at a 2.78 percent net interest cost. The board voted five to zero Monday to ratify the July 16 sale to low bidder Jeffries LLC, which submitted a winning bid that included a premium of $113,816.64; the notes, dated July 25, 2025, mature February 27, 2026. Assistant Town Manager for Finance Carolyn Kosnoff said the town received five competitive bids and called the rate "pretty good for where we are in the current environment." Proceeds finance the 173 Bedford Street renovation, the Lexington High School design phase, a police station solar canopy, the Pine Meadows Clubhouse renovation, and Cedar Street sidewalk work. The town also received its highest possible Moody's credit rating in connection with the issuance. Resident Dawn McKenna pressed the board on whether the Recreation Enterprise Fund should cover the full debt service on the Pine Meadows project, noting the fund had historically been required to do so; the board took no formal action on the question.