Urbandale moves forward with 2025 Series A general obligation notes; sale set for April 15
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Summary
Finance Director Nikki Lam told council the city will proceed with the sale of 2025 Series A general obligation capital loan notes, with a Moody's rating call in the next 10 days and a scheduled sale on April 15; council approved steps including a dissemination agreement amendment with Piper Sandler.
Finance Director Nikki Lam briefed the council on the next procedural steps for issuing the city’s 2025 Series A general obligation capital loan notes. Lam said the preliminary official statement is still in draft form but can be adjusted before the rating call with Moody’s, which is expected in the next 10 days; the bond sale is scheduled for April 15 and the council will consider acceptance of bids at a subsequent meeting.
Lam also described an amendment to the city’s dissemination agreement with Piper Sandler so that the 2025 issues will be posted to EMMA as required for public bond disclosure. She said the anticipated sale amount is approximately $12.215 million and that market rates have recently been in the 3–4% range, with the average market rate example cited in discussion.
Council approved the resolutions on the agenda to proceed with the 2025 series and related procedural items. Lam said staff will bring the final numbers and any structural changes to council after the sale.