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City issues $13.785 million special obligation bonds for municipal garage; low interest cost after competitive bids
Summary
Clayton sold $13,785,000 in special obligation bonds to finance a municipal garage and related public improvements; the sale drew eight bids and a true interest cost of 3.918%, and the Board approved the ordinance authorizing issuance.
The Board of Aldermen approved the ordinance to issue $13,785,000 in special obligation bonds on March 25 to finance public improvements including a municipal garage and maintenance facility.
City staff reported the bonds were offered by public sale at 10:00 a.m. the same day, and eight firms submitted bids. After premiums, Robert W. Baird & Co., Inc. was the winning bidder with a true interest cost of 3.918…
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