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Council adopts $28.38 million general-obligation bond sale; true interest cost about 4.62%
Summary
The council approved an ordinance authorizing the sale and issuance of general obligation corporate bonds, Series 2025, following a substituted ordinance that finalized sale amounts and rates. Financial advisors said the city retained double-A ratings and received competitive bidding.
Davenport City Council on April 9 adopted an ordinance authorizing the sale and issuance of $28,383,000 in general obligation corporate bonds, Series 2025, and approved a substituted ordinance reflecting the final par amount and interest rates after bids were received earlier that day.
Financial advisor John Burmeister of PFM told the council the city's S&P and Moody's ratings were reconfirmed (S&P double-A; Moody's double-A2 with a positive outlook), and that the sale drew multiple underwriter bids.…
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