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Hopewell explores up to $10 million in bonded debt using insured-public offering to fund capital needs
Summary
City financial advisors presented an option to underwrite debt using unaudited financials and bond insurance to access lenders, modeling $2M–$10M scenarios over 20 years; council gave direction to pursue due diligence and schedule required public hearings.
Financial advisor Jimmy Sanderson presented capital-raising options for urgent municipal needs, describing conversations with traditional lenders and an alternative approach from Cruz & Associates that could underwrite based on unaudited financials and utilize bond insurance to make the offering marketable.
Sanderson said traditional lending options would have required concessions the…
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