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Clayton authorizes sale of up to $13.88 million special‑obligation bonds for municipal garage and maintenance facility
Summary
The board adopted a resolution authorizing the sale of approximately $13.88 million in special‑obligation bonds to finance a municipal garage and maintenance facility; staff and bond counsel will pursue a rating call and a public sale on March 25, 2025.
The Clayton Board of Aldermen on Feb. 25 adopted a resolution authorizing the sale of up to $13,880,000 in special‑obligation bonds to finance the acquisition, construction and equipping of a municipal garage and related maintenance facilities.
City staff, bond counsel (Gilmore & Bell), and financial adviser Piper Sandler plan a rating call on March 4, 2025, and the official notice of bond sale sets the sale date for 10 a.m. on March 25, 2025. The resolution authorizes staff to proceed with the sale process; final interest rates and the exact par amount will be set at sale. The city’s current bond rating for these special‑obligation bonds is AA+. Piper Sandler noted the spring market window is relatively light for municipal supply and is an appropriate time to sell the bonds.
The bonds will mature in March 2045 (estimated maturity schedule) and will finance the municipal garage and other infrastructure improvements identified in the project plan. Bond counsel Mark Grama was present to answer legal questions; Todd Gaffey of Piper Sandler joined by phone to answer market and timing questions.
The resolution passed after the roll-call vote; the board discussion raised no substantive objections, though the chair asked staff to proceed with the planned timetable.
Next steps: Staff and advisers will conduct the rating call on March 4, prepare final bond documents, and execute the public sale on March 25; final issuance terms and the sale outcome will be reported to the Board after the sale.
