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Council accepts favorable bid; Port Arthur to issue up to $18M in certificates of obligation
Summary
After a rating review and bond-market update, the council approved the sale of combination tax and revenue certificates of obligation not to exceed $18 million, with the bid reflecting a par amount of $17,675,000 and an effective interest rate around 4.63%.
City financial advisors presented the results of a negotiated bond sale before council on July 29 and recommended awarding the certificates of obligation. Ann Berger Entrekin of Hilltop Securities summarized investor interest, the Standard & Poor’s rating outcome and how premium proceeds enable the city to deposit the full $18,000,000 into the project fund.
"Congratulations the city you kept your same…
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