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Portland approves $23 million certificates of obligation and $10.28 million refunding to fund projects, lower interest costs
Summary
The Portland City Council approved ordinances authorizing up to $23 million in combination tax and limited-pledge revenue certificates of obligation and up to $10.28 million in general obligation refunding bonds; council heard details about rates, debt service allocation and expected savings.
Portland City Council on May 6 approved two bond ordinances to fund capital projects and refinance outstanding debt, authorizing up to $23 million in combination tax and limited-pledge revenue certificates of obligation and up to $10.28 million in general obligation refunding bonds.
City staff and the city's financial advisor told the council the transactions closed in the market May 6 and will close on May 29 if the ordinances remain in effect. Victor Quiroga of Specialized Public Finance Inc., who presented results virtually, said, “we were able to lock in a favorable interest rate today of a 4.59%” for the certificates and that the refunding reduced a higher 4.8% interest rate to about 3.82%, generating…
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