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City of Danbury

Issuer Type: County/City/Town

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Moody's
Aa1
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AA+
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AAA

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Moody's
MIG 1
S&P
SP-1+
Fitch
F1+
David W. St. Hilaire

On behalf of the City of Danbury, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the city, as it allows us to make critical investments in public infrastructure throughout Danbury. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.

I hope you find this website useful as you seek to better understand the credit fundamentals of the city. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.

David W. St. Hilaire, Director of Finance

Danbury in the News

June 17, 2021

News
Danbury High School students graduate: 'You all did it'

Julia Perkins | June 10, 2021Updated: June 10, 2021 6:25 p.m.

DANBURY — Nearly 850 Danbury High School students graduated Thursday in two outdoor ceremonies.


The first ceremony at 2 p.m. at the high school’s stadium saw 440 students graduate, with 402 seniors at the second 5 p.m. ceremony. In total, 842 students graduated.

The students sat on chairs on the field, while family members were in the stadium seats. The ceremonies were live streamed on YouTube.

“As the senior class, you were stripped of many events that make high school years memorable — homecoming, sporting events, crowds, a high school whole class graduation,” Principal Dan Donovan told the students. “You were left with Google Meets, long days sitting in a chair and learning to communicate while wearing a mask. But you know something, you all did it.”

Caleb Schlissel earned valedictorian, while Viktoria Wolff-Andersen was salutatorian.

Speakers included Melody Dayrit and Aleena Jacob. Class advisers were Emina Mesanovic and Nicole Gurney.

Donovan reflected on how he’s watched many of the students grow up. His son is graduating this year.

“Most principals can say they watched their students grow from 9th to 12th grade,” he said. “I’ve had the pleasure and privilege of watching some of you grow from the time you were in kindergarten.”

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June 17, 2021

News
Expert: Danbury area leads CT in job growth as nation begins recovery from the COVID recession

Rob Ryser | June 16, 2021 | Updated: June 17, 2021 7:54 a.m.

Expert: Danbury area leads CT in job growth as nation begins recovery from the COVID recession


DANBURY — The good news is the COVID-19 recession is not only over, but the nation is in recovery, an expert told business leaders on Wednesday during an economic forecast presentation.

While Connecticut may not be rebounding with the same strength as the rest of the nation from the worst recession since World War II, the Danbury area is leading the recovery with the strongest job growth in the state.

“We have heard no official call from the National Bureau of Economic Research, but there is every indication that we have decidedly moved into recovery — although not so much in Connecticut,” said Donald Klepper-Smith, a veteran New Haven economist. “Danbury is on the rebound and clearly making progress.”

What that means for the Hat City and the seven surrounding towns that make up the Danbury Labor Market Area is that unemployment will continue to drop, and employment will continue to grow by 200 jobs each month, Klepper-Smith projected.

“Danbury is outperforming the rest of the state and is poised for growth,” said Klepper-Smith, referring to a Danbury labor market that includes Bethel, Brookfield, Bridgewater, New Fairfield, New Milford, Newtown, and Sherman. “You were down 17,000 jobs at the worst (of the coronavirus crisis) but you have gained 10,000 since April 2020, because you folks have done a better job.”

Klepper-Smith shared statistics during an hourlong Zoom presentation for the Greater Danbury Chamber of Commerce showing Danbury with a 6.6 percent unemployment rate — the lowest of the state’s nine labor markets, and a full percentage point lower than the state’s 7.6 percent jobless rate. The national unemployment rate is 5.7 percent. The state’s unemployment rate was 3.8 percent in February 2020, according to a state report.

P.J. Prunty, the Danbury chamber’s president and CEO, said the economist’s partly sunny forecast confirmed for business leaders the good news they’ve been seeing on the streets for weeks.

“I thought the presentation reaffirmed some of the conversations and statements we’ve been hearing anecdotally, because when you see the data, it shows that we were struggling, but we are rebounding and coming back fast,” Prunty said.

Prunty is referring to unprecedented joblessness after the COVID-19 crisis in the spring of 2020, when the nation lost 21 million jobs. Connecticut lost 269,000 jobs in one month.

“That’s twice the number of all the jobs that were created in Connecticut during the previous 10 years,” Klepper-Smith said. “When we talk about economic devastation, we have no precedent for this. This is unfathomable.”

The climb back from devastation got a boost with the $1.9 trillion COVID-19 relief bill passed by Congress in March. Connecticut’s lifting of business restrictions in May as vaccination rates increased contributed to a growing sense of optimism, Prunty said after the presentation.

“Certainly, there are some challenges ahead, but I think this confidence will continue to grow,” Prunty said.

The president of Newtown Savings Bank agreed.

“As we approach the end of what — God willing — is the end of this slow-motion nightmare that we have all been living through, we recognize ... the incredible efforts and the bravery of our health care workers and first responders,” said Ken Weinstein, whose bank sponsored the economic forecast presentation. “We also want to recognize what businesses have done to keep customers safe and to keep people employed.”

Weinstein added it was a privilege to have an economist of Klepper-Smith’s pedigree to present the economic forecast.

Among other things, Klepper-Smith was chairman of Gov. M. Jodi Rell’s Economic Advisory Council from 2007 to 2010.

“I don’t remember him predicting COVID,” Weinstein quipped. “But other than that, he has been very reliable.”

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June 16, 2021

News
MannKind to hire 100 in Danbury making treatment for killer lung ailmen

Alexander Soule | June 16, 2021 Updated: June 16, 2021 1:57 p.m.

MannKind to hire 100 in Danbury making treatment for killer lung ailment

MannKind is bringing 100 jobs back to its Danbury manufacturing facility, as the Food & Drug Administration initiates a “priority review” of a pulmonary arterial hypertension treatment that would be administered through inhalers prescribed by doctors.

The Westlake Village, Calif.-based pharmaceutical company is working on Tyvaso DPI alongside United Therapeutics, which has its headquarters in Silver Spring, Md.

MannKind CEO Mike Castagna in June 2017 in Danbury, Conn. The company plans to hire as many as 100 people for the production facility in expectation of Food & Drug Administration approval of a drug to treat hypertension. Chris Bosak / Hearst Connecticut Media

The Centers for Disease Control & Prevention describes pulmonary hypertension as excess blood pressure in arteries leading from the heart to the lungs. It is a rare disease that effects larger numbers of women than men, with pharmaceutical companies coming up with multiple approaches to managing symptoms but having yet to land on a cure.

Farmington resident Carol Morrison is on an existing United Therapeutics treatment for pulmonary hypertension, and runs a support group for about 30 patients as a Connecticut chapter of the Pulmonary Hypertension Association, which has its main office in Silver Spring.

“If someone is diagnosed in stage one, they’re just noticing some shortness of breath they didn’t have before — but very rarely does someone get diagnosed [early] ... because the symptoms are very similar to asthma or COPD,” Morrison said. “The most severe is that you are on oxygen 24-7 — everything you do makes you short of breath, even dressing or talking on the phone. ... Your heart just gives out eventually because it has to work so hard to get the blood through the lungs.”

MannKind expanded in Danbury in 2008 at a cost of $114 million to make Afrezza, an insulin drug for people with diabetes that is delivered via inhalers. Danbury workforce numbers have bounced around since depending on Afrezza sales.

The company expects to hire up to 100 additional people to support Tyvaso DPI production, with about 50 openings today in Danbury. MannKind expects the FDA to complete its review in October, with the agency having yet to identify any issues of concern.

“Your lungs are half the [area] of a tennis court — so they’re a ... great mechanism to get drugs into the body,” said Mike Castagna, CEO of MannKind, in a Wednesday telephone interview. “Inhalation is probably one of the fastest ways you can get resolution of symptoms. The lungs aren’t perfect for every type of drug, but ... the lungs are incredible mechanism.”

In response to a question, Castagna said that MannKind remains open to applying its inhaler technology to any potential treatments for COVID-19, with the virus’ complications caused by a spike protein that lodges in lung tissue.

“We have the ability to make 300 or 400 million doses in Danbury, so when you think about the government looking for U.S. manufacturing [and] scale, we have all those ingredients,” Castagna said. “A booster vaccine — that’s something that we probably could put in our technology.”

The hypertension inhalers will have a similar design to the Afrezza devices which contain a dry powder. United Therapeutics and MannKind plan to include a “BluHale” wireless accessory that will allow patients to track their doses on a mobile app.

United Therapeutics led the submission of Tyvaso DPI, with MannKind to get “low double-digit” royalties in its words on sales.

In Danbury, MannKind is seeking people to fill a range of roles to include manufacturing, engineering and warehouse operations. Castagna himself joined MannKind the day that founder Al Mann died, with Mann having a range of inventions to his credit across high-tech and life sciences including insulin pumps.

As the company awaits the FDA’s decision on Tyvaso DPI, it is also working to get approval to sell Afrezza in overseas markets including Europe and India.

“It’s going to be a global brand — all being made in Danbury,” Castagna said. “Growing your talent base is a challenge for all companies right now, no matter how much your paying or types of jobs. I encourage people to apply — you may be able to get a ‘stretch’ assignment that you wouldn’t normally get.”

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