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Torrington reports strong results from bond and note sales; adviser calls pricing remarkable
Summary
City officials reported that municipal note and bond sales drew competitive bids and better-than-expected interest rates. Financial adviser said Torrington's pricing looked like higher-rated issuers and noted strong presale demand.
City finance staff told the council that Torrington's recent note and bond sales were competitively bid and produced lower-than-expected interest costs.
Finance staff reported the city sold $22,350,000 in general obligation bond anticipation notes to Janney Montgomery Scott at a net interest cost of 2.8148% and received a premium of $264,154.65. The city also…
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