Pittsfield, MA $11,755,000 State Qualified General Obligation Bonds Net 2.972%; $2,100,000 Notes Net 0.341%

Mayor Bianchi and Susan Carmel, City Finance/ Treasurer, received competitive bids from bond and note underwriters on Tuesday, January 7, 2014, for an $ 11,755,000, 20-year state qualified general obligation bond issue and a $2,100,000, 153-day note issue. Morgan Stanley & Co, LLC was the winning bidder on the Bonds with an average interest rate of 2.972%. Jefferies LLC was the winning bidder on the Notes with a net interest rate of 0.341%. The City received a total of 8 bids on the Bonds and 3 bids on the Notes. Bond and Note proceeds will be used to finance various municipal purposes.

Prior to the sale, Standard &Poor’s Ratings Services, a municipal bond credit rating agency, affirmed the City’s A+ long-term rating. Standard &Poor’s cited the City’s budgetary flexibility, stable and consistent budgetary performance, very strong liquidity providing very strong cash levels to cover debt service and expenditures, strong debt and contingent liabilities and strong institutional framework as positive credit factors. Furthermore, Standard &Poor’s assigned the AA enhanced rating to this issue of bonds as debt service in connection with the Bonds is secured by the State Qualified Bond Act local state aid intercept program. Standard & Poor’s also assigned a SP-+rating on the Notes, the highest short-term rating attainable.

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

Mayor Bianchi said “I am very pleased with the competitive rates that we received and the interest shown by the financial community to invest in Pittsfield.” “Pittsfield continues to maintain an A+ rating which is positive given the economic challenges faced by many communities” Bianchi said.

For Further information, contact: Susan Carmel, City of Pittsfield’s Finance Director/Treasurer at 413-499-9466.