Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance Bonds topic
No spam. Unsubscribe anytime.
City to seek buyers for $107.7 million in general obligation bonds; sale set for Sept. 17
Summary
City treasury presented a resolution to authorize sale of $107,705,000 in general obligation bonds (Series 2025A) to finance streets, community facilities and public safety projects; sale date set for Sept. 17 and closing expected Nov. 4.
Chad Becker of the City of Tulsa Treasury told the council the city will seek to sell general obligation bond series 2025A in the amount of $107,705,000 under a resolution before the council. The sale date is set for Sept. 17; the bonds will not close until Nov. 4, when staff will return to the council with the results and recommend award to the lowest and best bidder.
Becker said the issuance is structured over 14 maturities and draws on authorizations from both the 2019 and 2023 bond packages. The proceeds are designated for streets projects, community facilities and public safety buildings and facilities; a list of projects included with the bond packet was referenced in the presentation.
Staff gave rate and cost projections using Bloomberg estimates: "double A plus GO bonds plus 50 basis points" in a range roughly 3.0% to 4.7% and a projected true interest cost of about 4.0%, Becker said. The resolution carries an emergency clause and, after sale, the bonds will be submitted to the Oklahoma attorney general for statutory review and approval; municipal GO bonds carry a protest period.
Ending
The resolution was placed on the council agenda for final action later that evening; staff will present the bid results and a recommendation to award to the lowest responsive bidder after the Sept. 17 sale and ahead of the Nov. 4 closing.
