Boston Council Hears Case for $350 Million Bond Refinancing at Hearing

BOSTON -- April 7, 2025, Boston's Ways and Means Committee hears pitch for $350 million bond refinancing authorization. Chief Financial Officer Ashley Groffenberger and First Assistant Collector-Treasurer Jerichai Bradley appeared before the committee Monday, asking for council authorization to refinance up to $350 million of the city's roughly $1.3 billion in outstanding general obligation bonds, adding to an existing $200 million authorization for a combined ceiling of $550 million. The city targets a net present value savings of at least 3 percent before refinancing; a comparable 2020 transaction saved Boston $10.5 million over 14 years, or about $850,000 annually. The committee also heard testimony on two banking services contracts, Dockets 0724 and 0725, renewing agreements with incumbent providers Citizens Bank and JPMorgan Chase following a seven-respondent competitive RFP. No votes were taken. The administration cited a planned mid-May general obligation bond issuance as the reason for urgency, noting it would allow the city to avoid paying twice for cost of issuance, and confirmed fiscal year 2025 debt service stands at $276 million, within the city's 7 percent of general fund expenditures cap.