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Olathe approves $25.5M in GO bonds and $154.1M in temporary notes to fund streets and capital projects
Summary
The council approved the issuance of $25,500,000 in general obligation improvement bonds (Series 2025A) and temporary notes totaling $154,100,000; staff said strong credit ratings and competitive bids produced favorable interest rates and proceeds will fund street and facility projects.
The Olathe City Council on June 17 approved the issuance of general obligation improvement bonds (Series 2025A) totaling $25,500,000 and authorized temporary notes totaling $154,100,000 to finance a package of capital projects.
Jamie Robichaud, the city’s director of economy, told the council the city’s credit ratings were reaffirmed—S&P gave a “AA+” rating and the city’s short‑term rating on temporary notes was also reaffirmed—and that the bond and note sales attracted multiple bidders. Robichaud said the low bidder on the GO bond sale produced a true interest cost of about 3.559 percent, and JPMorgan Securities was the low bidder on the temporary notes with a rate of about 2.995 percent.
Proceeds and…
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