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Newton ratifies $5.535 million general obligation bond sale to fund city projects
Summary
The Newton City Commission ratified the sale of a $5,535,000 20‑year general obligation bond Series 2025 A, awarded to a Baird-led syndicate at a 3.8196% TIC; proceeds will finance five special‑benefit district projects and four city‑at‑large projects, and S&P affirmed an AA‑negative rating.
The Newton City Commission on Monday ratified the sale of its General Obligation Bond Series 2025 A, approving measures to finalize a $5,535,000 20‑year bond that will fund several local projects.
Jessica Oliphant of Baker Tilly Municipal Advisors presented the sale results, telling commissioners the sale occurred Sept. 4 and that the final par amount of $5,535,000 was reduced from an initial $5,805,000 by receipt of a premium. "We received one bid that did represent a syndicate of 25 banks, and so the winner was Baird out of Milwaukee with a TIC of 3.8196%," Oliphant said. The proceeds, she said, are earmarked to finance five special‑benefit district projects and four city‑at‑large projects.
Oliphant also noted that S&P affirmed the city's general obligation rating as AA‑negative and cited strengths including local economic development, strong reserves and conservative budgeting. The commission heard staff and advisor recommendations to adopt an ordinance and a resolution ratifying the sale and subsequently approved the actions.
Commissioners and staff singled out the coordination led by the finance director and praised bond counsel Gilmore & Bell and advisors Baker Tilly and Baird for their roles in the transaction. The commission approved ordinance 5177‑25 and resolution G‑1365 to finalize the sale.
Next steps: staff will complete the ministerial steps required to close the transaction and apply bond proceeds to the listed projects.
