Ogunquit, Maine Announces Sale of 12.75 Million in General Obligation Bonds

The Town of Ogunquit, Maine, is preparing for the sale of $12,750,000 in General Obligation Bonds, with sealed proposals accepted until 11:00 A. M. on May 7, 2024. This initiative aims to finance various town projects and obligations, with bonds maturing annually from 2025 to 2054. Each bond will be dated May 23, 2024, and will accrue interest, with payments made semi-annually beginning November 1, 2024.

The bonds will be issued directly through a Book-Entry-Only System, meaning that physical certificates will not be distributed to the public; instead, ownership will be recorded electronically at The Depository Trust Company. Prospective bidders are strongly encouraged to review the Preliminary Official Statement for more in-depth information regarding the bonds and their terms. Notably, bonds maturing before May 1, 2034, will not be eligible for optional redemption, while those maturing afterward can be redeemed at the Town's discretion starting May 1, 2034. This structured approach to bond issuance aims to enhance financial transparency and accessibility for bidders. Ogunquit's proactive financial management reflects its commitment to responsible governance and community investment.