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Council approves city bond award to Solomon Smith Barney for $201.29 million
Summary
The City Council adopted a resolution awarding a bond bid to Solomon Smith Barney for an aggregate principal of $201,290,000 at a true interest cost of 4.50076%, the council recorded an 11-yes vote on the action.
The Los Angeles City Council approved the opening and awarding of bids for municipal bonds, awarding the bid to Solomon Smith Barney for an aggregate principal amount of $201,290,000 with a true interest cost of 4.50076%, the council record shows.
City Administrative Office staff presented the result of the morning bid opening and asked the council for a motion to adopt the CAO-prepared resolution awarding the bonds. After a motion and second from the floor, the council, following a public hearing on the item, recorded 11 ayes and the chair declared the item approved.
The council did not discuss additional financing terms publicly during the meeting beyond the principal and true interest cost cited by the administrative office. The resolution adopted awards the bid to the named underwriter; any further administrative steps or closing actions will be handled by the City Administrative Office and the City Attorney as required by municipal finance procedures.
The action does not, in itself, appropriate project proceeds; those details are handled through the city's capital and budget processes and any required ordinances or subsequent approvals.
