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Kankakee reports S&P upgrade and nearly $1 million in bond interest savings, officials say
Summary
Bernardi Securities told the Kankakee City Council the city—s recent bond sale benefited from a Standard & Poor—s upgrade to A-minus and favorable market timing, producing lower rates than projected and roughly $1 million in aggregate interest savings across general obligation and sewer bonds.
Kankakee—s finance advisers told the City Council on Nov. 17 that a recent bond sale and a credit-rating upgrade produced lower-than-expected interest costs and material interest savings for the city.
Bob Veil of Bernardi Securities presented the city—s final pricing and said Standard & Poor—s upgraded Kankakee to A-minus during the process. "We have really good results to present to you," Veil told the council, noting that pricing came in better than projections established in…
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