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Strafford County accepts lowest bid for $11.3 million bond sale, awards to Robert W. Baird & Co.
Summary
County staff reported five bids on an $11.3 million general-obligation bond sale and recommended awarding to Robert W. Baird & Co.; county officials signed award documents and outlined repayment timing and amortization details.
Diane Legere, a finance staff member for Strafford County, reported that five bids were received on an $11,300,000 general-obligation bond sale and recommended awarding the sale to Robert W. Baird & Co., whose bid produced a net interest cost of about 3.35% after a reported premium.
Legere said the issuer received a premium of $897,000 that lowered the effective interest cost from the county’s earlier conservative estimate of about 3.95% provided by bond counsel. She told commissioners the lowest bid’s coupon was 5% and that all five bidders submitted similar structures with premiums. “The lowest…
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