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Fate City Council approves $20 million general obligation bond for public safety; lower-than-budgeted interest rate reduces tax impact
Summary
Council approved Ordinance 2025-005 to issue general obligation bonds to finance $20 million in public safety projects after competitive pricing produced a 3.7858% true interest cost. Council voted 7-0 to adopt the ordinance.
The Fate City Council on Feb. 3 approved Ordinance 2025-005 to issue $20,000,000 in general obligation bonds to finance public safety projects, voting 7-0 to adopt the measure.
The bond sale was competitively priced the morning of Feb. 3; Andre Iel, financial advisor with Hilltop Securities, told the council the winning bid came from BofA Securities with a true interest cost of 3.7858%. "We priced those bonds this morning via a competitive sale," Iel said, describing the process and the 12 bids the city received.
The bond will finance $20 million in public safety projects and sold at a premium, producing final bond proceeds of approximately $18,830,000. Iel said the premium lowered the effective borrowing cost and reduced the budgeted tax-rate impact. "The interest rate that…
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