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Bridgeport approves $4 million certificates of obligation for parks at 3.75% true interest cost
Summary
The council approved an ordinance authorizing a $4 million issuance of combination tax and revenue certificates of obligation (Series 2025); bids were awarded to Bancroft Capital at a 3.75% TIC, S&P affirmed an A+ rating, and proceeds will fund park projects with a $3.5 million TIRS-backed portion and $500,000 on the general tax rate.
The Bridgeport City Council on May 12 authorized the issuance of combination tax and revenue certificates of obligation, Series 2025, to finance park projects and related improvements, approving the ordinance in a unanimous 5-0 vote after presentation by the city’s financial adviser and finance director.
Blake Roberts of PFM Financial Advisors told council that bids were opened that morning and Bancroft Capital was the winning bidder at a true interest cost of 3.75 percent. Roberts said the sale received eight bids — a strong market response — and…
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