Scottsdale issues Series 2025 bonds, reaffirms triple‑A ratings; $79 million authority remains

Budget director Scott Saline told the Citizens Bond Oversight Committee on May 29 that the city’s bond sale on May 20 was well received and that Moody’s and S&P reaffirmed Scottsdale’s triple‑A ratings.

Saline said the approved 2019 bond program totals $319 million across three questions and that, with the Series 2025 sale, the city has issued $240 million of that authorization, leaving about $79 million available for future issuance. He said the sale drew 10 bids and the lowest true interest cost (TIC) was 3.968%.

"The bonds were well received by the market due to our credit quality and name recognition," Saline said. He noted the city’s reserve policies, conservative budgeting and strong sales tax growth as factors cited by rating agencies in reaffirming the triple‑A ratings.

During follow‑up, Erica Coombs, division finance manager, confirmed the sale was conducted on a scheduled day and time and that the bids were received on the morning of May 20. In response to a committee question about whether the rating was insured, Coombs said, "It's a natural triple A," and confirmed that the city pays rating agencies to perform the due diligence and issue the rating.

Saline also reviewed prior issuances: $55 million used in 2021 and $77.8 million in 2023, and he said the city anticipates additional issuance planned for fiscal years 2026–27 to use the remaining voter authorization. He reminded the committee Scottsdale remains a triple‑A rated community.