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City sells $31.63 million in bonds; advisor says double‑A rating and strong policies lowered borrowing cost
Summary
Finance director and advisor told council the city sold bonds within council parameters: $31.63 million par, true interest cost 4.55%, term to Sept. 1, 2055; no bond insurance was needed, saving upfront costs, and average annual debt service is roughly $2.025 million.
City financial staff briefed council on a just-completed municipal bond sale to finance public-works facilities, Zephyr Park renovations and Alice Hall improvements.
Ted Beason, finance director, introduced Jeff Larson of Larson Consulting Services, who said the council-authorized sale was placed in the marketplace under the parameters set by a…
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