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Shreveport sells remaining $29 million in voter-approved G.O. bonds at favorable rate, netting $600,000 premium
Summary
City officials told the council the sale of $29 million in general obligation bonds authorized by voters in 2021 closed at an average interest rate of 4.74%, producing a premium of roughly $600,000 above the principal to support public-safety projects identified in the ballot proposition.
A representative of the mayor’s office told the City Council that the city sold the remaining $29 million of voter-approved general obligation bonds authorized in 2021 and that the sale produced a net premium of roughly $600,000 above the principal.
"The bonds were sold at an average interest rate of 4.74%, which is better than we had anticipated," Marisol, a representative of the mayor’s office, told the council, noting that market timing and the city’s financial advisers and bond counsel contributed to the favorable result.
The mayor’s representative said the bonds are part of the public-safety proposition passed by voters in 2021 and that the sale proceeds will support projects in that proposition, including the police station and a substation. Council members greeted the news as positive for the city’s public-safety capital work; one member specifically noted that the Texas Street police station could be demolished now that funding was in place.
The statement to council did not adopt any new appropriation ordinance during the meeting; officials said the premium added about $600,000 available in project funding and thanked the bond team for the outcome. Council members had no further questions on the sale during the communications item.
No vote on the sale was required at the meeting; city staff presented the sale result as a report to the council.
