NASHUA – City Treasurer Dawn Enwright recently announced that KeyBanc Capital Markets has been selected for a $59.6 million 20-year tax-exempt general obligation bond issue.

After receiving 10 other bids, KeyBanc came out with the winning interest rate of 3.4 percent.

The bond proceeds will be used to finance various capital projects, including school renovations and construction as well as utility projects.

Prior to the sale, S&P Global Ratings affirmed the city’s underlying bond rating of AAA, the highest rating attainable. The agency cited Nashua’s diverse, growing economy, strong management and history of conservative budget assumptions that support a long trend of positive operations and growing reserves as positive credit factors.