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City reports results of bond sales; refunds generate about $1.08 million in savings
Summary
City finance staff reported sale results for refunding and new‑money certificates of obligation and permanent improvement refunding bonds; council approved sale results and related ordinances on a series of votes.
City finance advisors reported results of bond sales and refunding transactions that produced debt‑service savings and generated proceeds for planned capital projects.
Presentation highlights: John Robock of BOK Financial presented the market overview and sale results. The city refunded $24,550,000 of older bonds (selecting bonds that generated at least 3% present‑value savings) and replaced them with refunding bonds at lower interest costs, producing approximately $1,083,000 in lifetime savings. The refunding portion…
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