Government

City of Summit Announces $32 Million Short Term Note Sale

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SUMMIT, NJ - The City of Summit has announced the successful sale of $14,865,600 in bond anticipation notes and $18,000,000 in temporary school notes. 

The short term notes were issued for the effective rate of 0.142% this year, besting the rate of 0.161% from last year, and will be used to fund various municipal and school projects.

“This recent, successful bond anticipation note sale is validation by the marketplace of the excellent work we have done to keep the City of Summit in the best possible financial shape,” explains Summit Mayor Ellen Dickson. “Our AAA bond rating allows the City to borrow money at historic lows, saving our taxpayers many thousands in interest expense.”

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