Wyoming approves $1.975 million general obligation bond sale; winning bid 3.222%

Chris Hogan, the city’s municipal advisor from Baker Tilly, told the Wyoming City Council on Sept. 17 that the city marketed $1,975,000 in general obligation improvement bonds, series 2024A, to finance 2024 street improvement projects. “I'm Chris Hogan from Baker Tilly serving the city as their municipal advisor,” he said and reported that the sale that morning produced a winning bid of 3.222% from Brownstone Investment Group, LLC.

Hogan told the council the city received five bids ranging from about 3.22% to 3.34% and said recent market movement — including a Federal Reserve cut — helped push rates lower in September. He said Moody’s upgraded the city’s rating from AA3 to AA2 after a July rating call, citing the city’s robust reserves, a strong local economy and modest leverage. Hogan noted that a one‑notch rating improvement has a measurable effect on interest costs, saying, for example, “one notch rating on this bond issue is like a $6,000 statement,” and that the effect is larger on bigger issues.

Hogan recommended the council approve awarding the bonds to Brownstone Investment Group. The council moved to approve Resolution 24-10-95, described in the meeting as providing for the competitive negotiated sale of $1,975,000 in general obligation improvement bonds, series 2024A; a motion was made, Member Anstead seconded, and the council voted to approve the resolution with 'Aye' recorded.

The transcript contains a discrepancy in one spoken line: during the presentation Hogan referred to awarding a $1,765,000 bond (one instance), while both his earlier slide and the resolution text discussed $1,975,000. The approved motion and the resolution text as read at the meeting reference $1,975,000. The council did not provide a roll‑call vote on the record; five members were listed as present earlier in the meeting.