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Council authorizes certificates of obligation and approves refunding; one member abstains on CO vote
Summary
At its Aug. 4 meeting the council approved a plan to issue about $9 million in certificates of obligation and approved a separate refunding that staff said will net about $341,388 in lifetime debt-service savings; the CO motion passed with an abstention.
Hewitt — The City Council on Aug. 4 approved ordinances authorizing a combined package of certificates of obligation to fund capital projects and a refunding of outstanding debt the city said would generate net savings.
The city’s financial adviser, Andrew Friedman of SAMCO Capital Markets, told the council the package was structured so the city would receive roughly $9,000,000 at closing after underwriter premium and issuance costs. He said the transaction relied on a recent credit review in which rating agencies “affirmed the city's AA credit rating.” Friedman said the COs are amortized over 20 years and callable…
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