Board approves state bond rating for Fall River projects

Wednesday, the Municipal Finance Oversight Board (MFOB) approved a borrowing request from Fall River to use the states bond rating.

According to State Auditor Suzanne Bump, the City made the request to ask for approval to use the lower rating to fund several City projects.

The meeting with the Board was held Wednesday at the State House in Boston.

Acting Mayor Cliff Ponte was pleased with the decision.

“The City met with the MFOB to request the participation in the state qualified bond program in the amount of $10,547,208. The board voted unanimously to allow the City the use of the State Qualified Bond Act for the above authorizations. I am pleased with the board’s vote as this confirms our plans to go forward with the projects we have planned.”

The request for $10,457,208 in qualified bonds was for the following projects:

Various outdoor recreation facility improvements
Tansey/Watson Feasibility Study
Westall School roof replacement feasibility study
CPA – Bio Reserve Project
Watson School repairs
Phase 19 of water project design and construction
Resiliency Preparatory Academy roof and boiler repairs
Westall School roof and boiler repair/replacement
Snow removal equipment