–Refunding Saves $259,723

GLOUCESTER, MA (September 11, 2020) – Mayor Sefatia Romeo Theken today announced that the City received competitive bids from bond and note underwriters on Thursday, September 10, 2020, for an $8,140,000, 20-year general obligation bond issue, a $645,000 359-day taxable general obligation bond anticipation note issue, and a $3,198,400 359-day general obligation bond anticipation note issue.  

Robert W. Baird & Co., Inc. was the winning bidder on the Bonds with an average interest rate of 1.400%. Piper Sandler & Co. was the winning bidder on the Series A Taxable Notes with an average interest rate of 0.739% and BNY Mellon Capital Markets was the winning bidder on the Series B Notes with an average interest rate of 0.471%.  Bond and Note proceeds will be used to finance various municipal capital projects.

The Refunding Bonds will refund a portion of the City’s September 15, 2009 bond issue and generate total savings of $259,723 over the remaining life of the refunded bonds.

Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the City’s ‘AA’ underlying rating. The agency cited the City’s very strong economy, strong budgetary flexibility, and very strong liquidity as positive credit factors.

Mayor Romeo Theken said, “I am very proud of our financial team for all their hard work.  Together we have implemented strategies that have resulted in a strong track record of responsible fiscal management.  As a result, we have been able to maximize Gloucester’s borrowing and rating rates to save taxpayers’ money.”

The bids for the Bonds and Notes were accepted at the offices of the City’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.

For English, students are reading the novels, ​Trevor Noah’s Born a Crime, and Bryan Stevenson’s Just Mercy will be required to write two five-paragraph essays. This is a struggle for many of our students as writing a college level essay can be challenging ​and for some of them this is the first time they are writing a five-paragraph essay of option. A volunteer for English would 

• read the books required for the class
• take part in the book discussion groups 
• set up one on one tutoring sessions with those students who are struggling to assist with developing their writing skills, in particular grammar and references
• communicate directly with the Adult Education Liaison Margaret Waugh and the Instructor, Anna Jurek, with any questions and/or concerns to ensure we are assisting our students.
• we are requesting if at all possible for this volunteer to be bilingual (Spanish preferred) ​in order to better support our students where English is their second language

For Math students are working through concepts of Algebra. We are looking for a volunteer who is willing to assist our students through the process of solving equations without giving the answer. We are interested in helping students look at their own ​critical thinking skills. The volunteer for math would: 

• attend the math class​es
• ​set up one-on-one tutoring sessions with those students who are struggling to review class assignements and homework.
• send information about tutoring sessions, along with any concerns to Adult Education Liaison, Margaret Waugh and Instructor, Eric Vendt  
• Be available during sessions via Zoom 

Classes are remote and instructors have successfully been navigating the classes online. If there are questions if there will be face to face meetings that will depend on the pandemic, but it is NOT required as of now and we will show Volunteers how to successfully help the students write online. In a way it is an opportunity to learn for volunteers as well. 

Class information: 

Classes begin on September 15 and end on December 10 —volunteers don’t have to be present for every session but the majority

English Composition: Tuesday / Thursday Evening 5:15pm – 6:45 pm

Math : Tuesday / Thursday Evening 7:00 – 8:15

Wellspring inspires families and adults on the North Shore to achieve employment and financial security through stable housing, education, job training and career readiness. To learn more about Wellspring’s work, visit www.wellspringhouse.org

Scenes from the docks: