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Great Results For New Money And Refunding Bond Sales

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May 282021
 

Orange Town officials announced excellent results from Wednesday’s $8.6 million taxable new money bond sale, along with a $4.715 million tax-exempt refunding bond sale, both of which yielded competitive interest rates on the strength of strong reviews from S&P Global Ratings, one of the three major Wall Street Rating Agency firms.

“It is great to see these results and the fact that our bonds were in such a high demand,” said First Selectman Jim Zeoli, “With the rates as low as they are right now, this will help keep the debt burden on the taxpayers as low as possible.”

The Town received a total of four bids on the New Money Bonds, with Morgan Stanley & Co. submitting the winning bid.  Morgan Stanly beat out BOK Financial, Robert W. Baird, and Roosevelt & Cross to get the award. 

The interest rates bid on those 20-year bonds, referred to as the “Series A” bonds, ranged from a winning bid of 2.05% to a high bid of 2.46%.  The winning bid was very aggressive and beat out the second-place bid by 8 basis points (0.08).  The bonds will provide the financing for the purchase of Racebrook Country Club which has been approved earlier this year.

The Town was also able to enter the market to refinance bonds that were originally issued at higher rates in 2012 and 2013 with the Series B Bonds.  By refinancing those older bonds, the Town was able to save over $570,000 in interest costs on the remaining 13-year term of those bonds.  Robert W. Baird & Co provided the lowest interest rate on this issue, coming in at 0.99% on the bonds.  The rate is much lower than the Series A bonds since these bonds are tax-exempt but also because they have a shorter term than the 20-year new money bonds.  Their bid was also aggressive and won by 6 basis points.  It was a tightly contested competitive sale with rates from the second to fifth place bid being only 8 basis points (0.08%) apart.  

“The great results were driven not only by the historically low municipal rate environment we are experiencing right now but also by the Town’s exceptional credit ratings and prudent long term financial management of the Town,” said Matthew Spoerndle, senior managing director of Phoenix Advisors and Orange’s municipal advisor. “The rating agencies continue to recognize the work town officials have done to keep Orange’s fiscal health strong over the years.”

In spite of clear macroeconomic challenges related to the pandemic, S&P affirmed Orange’s “AAA” rating, which is the highest rating available.  Within the report, S&P referenced the Town’s “very strong economy…which we consider broad and diverse” noting the Town’s grand list growth and continued commercial activity.  Also noted was the “very strong liquidity and strong budgetary performance” along with a “very strong debt profile” and noted the Town’s stable financial operations and low unemployment rate.  

Finally, S&P mentioned that they view management as “strong, with good financial policies and practices” under their Financial Management Assessment.

The settlement date for the sale is June 11, 2021, after which the funds become available to the Town. 

Town Officials Swearing In On Friday

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Nov 142019
 

Board of Selectmen (2017)

A brief ceremony to welcome all of the newly elected Selectmen, Board and Commission members, Town Clerk, Tax Collector, and First Selectman Jim Zeoli will take place at High Plains Community Center on Friday, Nov. 15 at 2 p.m.

Everyone is invited to this bi-annual event.

Refreshments will be served.

Republicans Sweep Orange Election

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Nov 052019
 

First Selectman Jim Zeoli celebrates his re-election with Themis Klarides and other supporters.

The voters have spoken. Incumbent Jim Zeoli (R) will serve another term as your town leader. He won the election with 65% of the votes 3,368 to challenger Jody Dietch’s 1,794. All of the Republican selectmen will be back, too. Incumbent democratic selectman Mitch Goldblatt topped his party’s numbers. Margaret Novicki, who ran against Zeoli in the last election got the nod this time, edging out Dietch and Angela McNabola for a seat on the board.

Voter turnout was low for the Orange municipal election. To start you off, here are the final numbers for the First Selectman and Board of Selectmen.
Dietch      Goldblatt     Novicki         McNabola
114            939            1276           968                   925
117            339             447            334                   352
119            381             569             391                   407
ABS           135             167             144                   129

TOTAL     1794          2459           1837                 1813

Zeoli      Williams      Okenquist      Carangelo
114            1834         1570             1603              1645
117              640          552               559                575
119              687          555                612               606
ABS             207          181                195                183

TOTAL      3368       2858             2969             3009
65%

 

Other results will be posted as soon as I can get them done. stay tuned.

 

Chamber Debate: Vaping Crisis

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Oct 282019
 

The Orange Chamber of Commerce hosted a first selectman’s debate at Grassy Hill Country Club on Oct. 23. Here the two candidates give their thoughts on helping our teens to stop vaping.

Click HERE for a video of this part of the debate.

Election Day is Nov. 5. Watch all of our video debate coverage and listen to the candidates as they answer questions about subjects that may be of interest to you and your family.

Remember, ALL voting will be done at High Plains Community Center from 6 a.m. to 8 p.m.

Chamber Debate: Economic Development

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Oct 282019
 

The Orange Chamber of Commerce hosted a first selectman’s debate at Grassy Hill Country Club on Oct. 23. Here the two candidates give their thoughts on economic development.

Click HERE for a video of this part of the debate.

Election Day is Nov. 5. Watch all of our video debate coverage and listen to the candidates as they answer questions about subjects that may be of interest to you and your family.

Remember, ALL voting will be done at High Plains Community Center from 6 a.m. to 8 p.m.

Chamber Debate: Quality Of Life Issues

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Oct 272019
 

The Orange Chamber of Commerce hosted a first selectman’s debate at Grassy Hill Country Club on Oct. 23. Here the two candidates give their thoughts on improving the quality of life in town.

Click this LINK for the video.

Election Day is Nov. 5. Watch all of our video debate coverage and listen to the candidates as they answer questions about subjects that may be of interest to you and your family.

Remember, ALL voting will be done at High Plains Community Center from 6 a.m. to 8 p.m.

Chamber Debate: Top Two Challenges

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Oct 272019
 

The Orange Chamber of Commerce hosted a Debate at Grassy Hill Country Club on Oct. 23. Here both candidates for Orange first selectman, challenger Jody Dietch and incumbent Jim Zeoli respond to a question regarding what they believe are the top two challenges they will have to deal with in the future.

Click this LINK for the video.

Election Day is Nov. 5. Watch all of our video debate coverage and listen to the candidates as they answer questions about subjects that may be of interest to you and your family.

Remember, ALL voting will be done at High Plains Community Center from 6 a.m. to 8 p.m.

Chamber Debate: Opening Statements

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Oct 272019
 

Here are the opening statements from both candidates for Orange first selectman, challenger Jody Dietch and incumbent Jim Zeoli during the Oct. 23 Orange Chamber of Commerce Debate at Grassy Hill Country Club.

Click this LINK for the video.

Election Day is Nov. 5. Watch all of our video debate coverage and listen to the candidates as they answer questions about subjects that may be of interest to you and your family.

Remember, ALL voting will be done at High Plains Community Center from 6 a.m. to 8 p.m.

Be Aware: Only One Voting Location In November

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Oct 182019
 

Jody Dietch, a candidate for first selectman, is concerned about the lack of wide-spread publicity about the voting location for the upcoming election, Tuesday, November 5th.  Her campaign wants to be sure that everyone in Orange knows that ALL VOTING will take place at High Plains Community Center this year.  Anyone who used to vote at Mary L Tracy School will now be voting at High Plains.
This is a change for this election.  Depending on how smoothly Tuesday, November 5th goes, will determine what happens for  2020.  All residents are encouraged to let their friends and neighbors know.
“We encourage the Registrars of Voters to have signage at Schoolhouse Lane and Orange Center Road, as well as Schoolhouse Lane and Tyler City Road, to help people who may not hear about the location change,” she said.

First Selectman Candidates Debate:What Is The Most Important Issue In Town

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Oct 182019
 

During a first selectman’s candidates debate at Congregation Or Shalom on Oct. 13, Incumbent First Selectman Jim Zeoli (R) and his challenger Jody Dietch (D) answer the question: What is the most important issue in town?

Click HERE for video