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City reports lower bond borrowing cost; commercial-paper bank to be replaced after state certifications issue
Summary
Controller and finance staff updated the Budget & Fiscal Affairs Committee on a Sept. 15 public-improvement bond sale that lowered the city's true interest cost and on a plan to replace Barclays as the backstop for a $125 million commercial paper line after the bank said it could not provide state-required certifications.
Houston — Controller's office staff and the finance working group told the Budget and Fiscal Affairs Committee on Oct. 20 that the city priced a public-improvement bond sale Sept. 15 with a true interest cost of 3.47% and will recommend replacing the bank backing a $125 million commercial paper line after Barclays said it could not provide state-required certifications.
The finance working group representative said the Sept. 15 transaction drew strong investor demand and allowed the city to lower interest costs during the order period and to negotiate an additional $55,000 in savings. "All in, the true interest cost of the bond transaction was 3.47%, and represented a savings of debt service of…
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