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Council receives report on bond sales; staff recommends awards for Series A, B and C
Summary
Financial advisor John Burmeister reported strong bidding on the city's 2025 bond sales and recommended awards: Series A GO to Bank of America after a reduced par amount, Series B taxable shortened to 16 years, and Series C water revenue to TD Securities; council adopted resolutions directing the sales.
The council received the receipt report on bids for the city’s General Obligation (Series 2025 A and B) and Water Revenue Bonds (Series 2025 C) and adopted resolutions directing sale as recommended by the city’s financial advisor.
John Burmeister of PFM said the sale encountered robust underwriting interest (multiple proposals and underwriters across many states), allowed the city to reduce par amounts for the issues and achieve competitive yields. He recommended awarding the Series A to Bank of America after an adjustment to a par amount around $59 million, shortening the taxable Series B to 16 years to match income streams and awarding the water revenue Series C to TD Securities, citing tight bidding and strong ratings affirmed by Moody’s.
Council adopted the resolutions directing sale of each series during voice votes.
