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Sandy Springs sells $48.965M in bonds for fire projects; council approves related resolutions
Summary
The City of Sandy Springs Public Facilities Authority sold bonds to fund three fire station projects, awarding the sale to R.W. Baird with a blended true interest cost near 4.18%. The PFA and city council approved a supplemental bond resolution and a related substitution of an escrow security that staff says will free about $1 million.
The Public Facilities Authority of the City of Sandy Springs sold its revenue bonds Sept. 16 to fund three fire and safety construction projects, and the city council approved a companion supplemental bond resolution later the same evening.
The bond sale, conducted competitively at 10:30 a.m., drew 13 bids and was awarded to R.W. Baird, which provided the lowest true interest cost of 4.185%, city financial adviser David Cheatwood said. The final par amount of bonds sold was $48,965,000; together with the premium, staff said the transaction will provide a $50,000,000 construction fund and cover issuance costs. Cheatwood described a blended interest cost of about 4.18% and said the bonds carry level annual debt service of about $2,935,000…
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