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Valley Center approves sale of two general‑obligation bond series to fund capital projects
Summary
The council accepted bids for two series of general‑obligation bonds sold at a municipal bond sale and approved ordinances and resolutions to finalize the sales; proceeds will repay temporary notes and reimburse capital projects over a 20‑year repayment period.
The Valley Center City Council on action taken at its meeting approved the sale results and adopting ordinances and resolutions for two series of general‑obligation bonds issued in connection with city capital projects.
Garth Herman of bond counsel firm Gilmore & Bell told councilors the city held a bond sale at 11 a.m. the day of the meeting and received competitive bids. For the tax‑exempt series 2025‑1 general obligation bonds, Janney Montgomery Scott LLC submitted the winning bid with a true interest cost of 3.39 percent; the second‑place bid (KeyBank Capital Markets) had a true interest cost of about 3.40 percent. Herman said Janney used optional bond insurance, which carries a $42,000 premium paid by the bidder and embedded in the underwriting structure; that approach produced a slightly lower true…
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