Maplewood’s municipal advisor outlines bond timetable; competitive sale targeted for Sept. 10

Reagan Holiday of UMB Public Finance introduced himself as the city's municipal advisor for a forthcoming general‑obligation bond issuance and walked council through a preliminary timeline. He said bond counsel has provided a first draft of documents and that the rating process will be initiated, with an August target for the rating call. “By then, we should have the bond documents, commented on, revised, updated, and in good enough shape for us to have the call at that point,” he said.

Holiday told council the plan is for a competitive sale; notice of sale and a preliminary official statement will be prepared, and broker‑dealers will submit bids on sale day. He said the bond sale is planned for the morning of Sept. 10 to coincide with a council meeting and that the city’s ordinances will contain blanks for pricing that will be filled after pricing is known. Holiday said the closing is projected around Sept. 25 and that costs of issuance will be paid from bond proceeds; previously incurred project costs will be reimbursed at closing through a reimbursement requisition.

Holiday also said the city currently holds an S&P Global rating and that the plan is to continue with S&P for the new issuance. He noted bond counsel Shannon Creighton of Gilmore & Bell will likely attend the meeting when documents are executed and that the transcript of executed documents will be submitted to the state auditor’s office for review.