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City finance officials ask council committee to approve up to $350 million in refunding bonds
Summary
City finance staff asked the Boston City Council Committee on Ways and Means on April 7 for authorization to issue up to $350 million in refunding bonds to refinance callable general obligation debt, citing potential present-value savings and timing with a planned May bond sale.
The Boston City Council Committee on Ways and Means on April 7 heard from city finance officials seeking authorization to issue refunding bonds in an amount not to exceed $350,000,000 to refinance existing general obligation debt.
City Chief Financial Officer Ashley Grafenberger told the committee, “we're here today requesting authorization of up to $350,000,000, to refinance some of our existing debt.” She and First Assistant Collector-Treasurer Jerica Bradley said the authorization would allow staff to combine a refunding with a planned general obligation bond sale in mid-May to reduce issuance costs.
Grafenberger said the city looks for refunding opportunities when net present-value savings are attractive; she described a typical target as “greater…
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