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Council awards $8.75 million general obligation bond; TD Securities low bidder
Summary
The City of Stillwater on May 19 awarded its $8.75 million General Obligation Limited Tax Bond Series 2025 to TD Securities as the lowest bidder and adopted a resolution authorizing issuance and tax levy for repayment.
The City of Stillwater on May 19 awarded its General Obligation Limited Tax Bond Series 2025, in the principal amount of $8,750,000, to TD Securities as the lowest and best bidder and subsequently adopted a resolution authorizing the issuance.
Chris Gander, one of the city's municipal financial advisors, reported that six bids were received and that the city's rating had been reaffirmed at AA-. "TD Securities was the low bid at 3.850777," Gander said. The council voted to award the bonds to TD Securities; the award vote recorded in the transcript was 3-0 after Councilor Clark left the room and did not participate in bond matters.
Don Kaiser, bond counsel for the transaction, and city staff were present to complete the required steps. After awarding the bid, the council adopted Resolution CC-2025-7 authorizing the issuance, prescribing bond form, registration and the levy of an annual tax for payment of principal and interest. City staff and advisors indicated they expect closing and receipt of proceeds on June 27, subject to the usual Attorney General transcript review and waiting period.
Councilors and staff thanked participants who worked on the animal welfare project tied to the election and the bond issuance process; staff noted the bond will support that project and thanked bond counsel, advisors and staff for completing the process. The resolution and bond award were approved by recorded votes of 3-0 in the meeting transcript.
