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Sumner City issues $26.6 million water‑sewer revenue bonds under February delegation
Summary
Chief Financial Officer Cassandra Raymond told the Sumner City Council on April 28 that staff closed a long‑term water‑sewer revenue bond sale under authority delegated by Ordinance 2918, raising $26,595,000 at an AA rating from Standard & Poor's and a true interest cost of 4.52%.
Chief Financial Officer Cassandra Raymond said Sumner City closed a long‑term water‑sewer revenue bond sale in late April under authority delegated by Ordinance 2918, issuing $26,595,000 of revenue bonds for the utility portion of the Public Works Operations Facility.
Raymond said the bonds received an AA rating from Standard & Poor's and carried a stated interest rate of 5% (with a 6% ceiling), producing a true interest cost of 4.52%. "We ended up going into the market on Thursday morning. We were able to watch it in real time. I think we had over $80,000,000 of orders for $26,000,000 of issue," she said, describing strong investor demand that allowed staff to reduce all‑in cost by…
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