MDC Announces Successful Sale of $69.6 M General Obligation Bonds
Bonds to fund critical water and sewer capital projects
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(HARTFORD, CT) – The Metropolitan District (MDC) announced the successful sale of approximately $69.5 million of General Obligation bonds on October 7, 2026. The bond issue of $69.6 million will finance $10.7 million in water projects, $36.9 million in sewer projects, and $22.0 million in combined funding projects. Moody’s Investor Service affirmed its Aa2 rating with a stable outlook and S&P Global affirmed its AA rating with a stable outlook last month in advance of the October 7 sale.
A strong municipal bond market yielded thirteen bidders for the competitive bond sale, with the MDC selecting Wells Fargo Bank, NA with a 4.541999% interest rate for the 20-year debt issuance. Additionally, the issuance was advertised in the Bond Buyer, a daily national trade publication and online resource that serves the municipal bond community.
MDC CEO Scott Jellison stated, “I applaud our finance team putting together a competitive bond sale after getting the backing of the ratings agencies. The successful sale of these bonds reflect the strength of MDC’s financial position, the confidence of the financial institutions in investing in MDC bonds and the importance of the infrastructure improvements we are making throughout our region.”
MDC Chairman Donald Currey said, “The Board is pleased with the outcome of this bond sale and grateful for the work of our finance team in achieving such a competitive result with thirteen bidders. This financing provides the resources needed to address essential infrastructure needs while reflecting our commitment to responsible fiscal management and protecting the long-term interests of our customers and member communities.”