Ogunquit, Maine Issues 12.26 Million General Obligation Bonds

The Town of Ogunquit, Maine, has announced a significant financial initiative with the issuance of $12,260,000 in general obligation bonds, aimed at funding local projects. These bonds are rated Aa2 by Moody's and AA+ by S&P, highlighting their strong credit standing. Investors will benefit from tax-exempt interest under federal law, aligning with Section 103 of the Internal Revenue Code. The bonds will be issued as fully registered certificates through a book-entry system, eliminating the need for physical certificates and simplifying the purchasing process. Payments will be managed by U.

S. Bank Trust Company, with the first interest payment scheduled for November 2024. The issuance underscores Ogunquit's commitment to responsible fiscal management while adhering to tax compliance requirements. Additionally, the bonds will not be designated as "qualified tax-exempt obligations," which may influence investor interest. This proactive financial strategy positions Ogunquit to effectively address its municipal needs while offering appealing investment opportunities.