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Grover Beach council approves $5 million private placement to fund wastewater upgrades
Summary
The council authorized a 20-year private placement financing for wastewater infrastructure, selecting Webster Bank at a locked tax-exempt rate of 4.425%; estimated par is ~$4.94 million with annual debt service roughly $380,000.
A majority of the Grover Beach City Council voted Sept. 8 to authorize a private placement of up to $5 million to finance required wastewater infrastructure, after advisors said the structure offered lower costs than a public offering.
Albert Pesche, the city’s municipal advisor, and Renee of Piper Sandler described a solicitation to 28 banks that produced six bids. They recommended a 20-year direct placement with Webster Bank, which offered the lowest locked tax-exempt rate at 4.425% and favorable terms including an optional redemption feature. Pesche said the advisory team recommended…
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