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City bond sale nets $14 million for approved project; fixed rate 4.417%
Summary
Staff reported the city sold $13,805,000 of bonds with premiums covering issuance costs, producing $14,000,000 in project proceeds; Standard & Poor's affirmed the city's credit rating and Assurant Guarantee provided bond insurance. Council approval was requested during the meeting; no vote appears in the transcript.
The city sold $13,805,000 in bonds through a public sale and will deliver $14,000,000 in project proceeds, city financial advisers told the City Council at the meeting.
Jason Hughes, a managing director with Hilltop Securities, said Standard & Poor's affirmed the city’s A+ credit rating and that the bonds received insurance from Assurant Guarantee, whose higher rating reduced the interest…
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