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Topeka sells three debt issues totaling about $45.3 million; council raises process and term questions
Summary
Council approved sale and related authorizing documents for two bond series and a temporary note series totaling roughly $45.3 million; some members voiced procedural concerns about 20-year terms and timing of bringing projects and financing to the governing body.
City financial advisors and the city's underwriters reported the results of three sales to the City Council on Aug. 12: a tax-exempt bond series 2025A, a taxable bond series 2025B, and a series of general obligation temporary notes for capital projects.
Caitlin Dwyer of Columbia Capital Management said the tax-exempt Series 2025A was $26,865,000 and drew seven bidders; the winning bid from Robert W. Baird carried an interest rate of 4.19% for a 20-year term. Dwyer described the auction as "a great result, for the sale today." Josh McEnearney, Budget and Finance director, and staff said the proceeds will fund projects in the adopted 2025 capital-improvement plan, including major parking-structure work, TPAC HVAC upgrades, traffic signal projects and facility maintenance roll-ups.
The taxable Series…
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