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Sioux City finance director reports successful bond sale with market rates within budget
Summary
The city sold roughly $23.73 million in tax-exempt general obligation bonds at a low bid of 3.6998% and about $3.495 million in taxable bonds at a low bid of 4.752%; Finance Director Theresa Fitch said both sales were within this year's budget estimates.
Sioux City reported the results of a bond sale the council had authorized, with proceeds and interest rates falling within the city's budget expectations.
"Today we sold our nontaxable bonds, our tax exempt bonds, dollars 23,730,000. The low bid was 3.6998. And then our taxable bonds, were $3,495,000. And, the low on that was 4.752, both within our budget this year," said Theresa Fitch, Finance Director.
Fitch delivered the numbers after the sale concluded earlier in the day; the sale covered general obligation capital loan notes for 2025. Council discussion acknowledged receipt of the memo with the bid results and moved forward with the related resolution directing sale of the notes.
Why it matters: Bond proceeds fund capital projects and the interest rates affect long-term debt service costs. Fitch framed the sale as consistent with the city’s financing plan for the year.
Council-level action: The resolution directing the sale of the city’s general obligation capital loan notes was included on the agenda and staff reported the sale results to the council.
What’s next: Staff will proceed with the sale documentation and closing per the bond sale terms and the city’s financing plan.
