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.