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Aurora prices $26.6M in COPs for animal shelter; strong demand trims interest to 4.77%
Summary
City staff reported the pricing of 2025 Certificates of Participation for part of the animal shelter financing; Moody's affirmed the city's AAA issuer rating, the new COPs received an AA2 rating for appropriation risk, and strong market demand reduced the total interest cost to 4.77%, saving about $246,000 versus initial pricing assumptions.
A city finance staff member reported to the Finance Committee that the City of Aurora priced $26.6 million of 2025 Certificates of Participation (COPs) to help finance the city’s new animal shelter. The sale was underwritten by Stifel and priced after receiving strong investor demand.
Staff said Moody’s affirmed the city’s issuer rating at AAA and…
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