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Josephine council approves $15.0 million certificates of obligation to fund water, sewer and drainage projects
Summary
The City of Josephine on Sept. 8 approved a combination tax-and-revenue certificate of obligation series 2025 to fund water, sewer and stormwater projects. Financial adviser Hilltop reported a favorable sale, a AA- rating confirmation, and an effective interest cost near 4.57 percent. The ordinance passed 4-1.
The City of Josephine on Monday adopted an ordinance authorizing the issuance and sale of combination tax-and-revenue certificates of obligation, series 2025, to fund up to $15,700,000 in water and sewer utility projects and flood-control, stormwater and drainage work.
Hilltop Series financial adviser Jim Savos, presenting the sale results, said the city competitively received five bids and secured a final par amount of $14,995,000. Savos said the city’s credit was confirmed at AA- and that the transaction was competitively priced, producing an effective interest-cost benchmark of roughly 4.57 percent and producing approximately $15,047,000 in project funds after premium and costs. “As…
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