Saugus selectmen talk financial progress

SAUGUS – Selectmen voted to issue $14 million in general obligation bonds Tuesday night, as the town?s financial advisor, Peter Frazier, congratulated Saugus on the progress it has made.Moody?s Investor Services recently reaffirmed the town?s A2 rating and assigned a negative outlook to its general obligation bonds. Frazier said Moody?s also “recognized the progress the town has made ? from a management standpoint to get the town?s house in order.”Frazier said Saugus has worked toward eliminating the negative outlook while getting the town “in a position, should you continue the progress you have made ?. to have that negative outlook removed and perhaps have that bond rating moved back again.”?It?s very common that Moody?s wants to see a multi-year trend ? clearly it was helpful that there was no further slide,” he said.Frazier also said the bonds voted on by selectmen had the “lowest interest rates the town has ever received.”?The other thing we?re seeing is interest rates starting to tick up,” he said. “I think it was fortunate the town was able to lock in the rate for the next 20 years on these bonds.”In other business, selectmen voted to allow a new Richdale Convenience Store which will replace the 7-Eleven at 304 Lincoln Ave. to open at 5 a.m. and approved a “dog run” Paws for Applause, a pet grooming business at 10 Bennett Highway.Two neighbors took issue with the dumpsters at the Richdale location, which is in Cogliano Plaza. They said the dumpsters are too close to their homes and causing an odor. Neighbors also said their pets got sick from rat poison.Selectmen voted to hold a site walkthrough to see if the dumpsters can be moved to a different location on the property.Matt Tempesta can be reached at [email protected].