The Ethel Walker School has closed an $8.2 million tax-exempt bond issue through the Connecticut Health and Educational Facilities Authority (CHEFA). Proceeds of the bond issue were used to refinance the school’s existing bonds. The refinancing allowed the school to convert its existing debt from a variable rate to a fixed rate and significantly reduce its interest rate risk.
Fidelity Investments and the Board of Trustees of Fidelity’s money market funds have determined that all of Fidelity’s retail and institutional money market mutual funds will participate in the U.S. Treasury Department Temporary Guarantee Program for Money Market Funds. Click on attachment for remaining article.
The attached letter has been in response to inquiries from clients about the reinvestment of bond funds managed by the Authority in light of the current market conditions. It contains an overview of the Authority’s policy which directs the reinvestments, as well as a summary of the primary fund in use for the reinvested funds.