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Saint Francis council adopts bond sale, approves bids and routine resolutions
Summary
The council adopted a $2.815 million general obligation promissory note (series 2026A) at a lower-than-expected interest rate, placed a PPI bid award into the record, approved a licensing renewal, adopted NIMS and other routine resolutions, and updated the library credit card policy.
The Saint Francis Common Council approved a package of routine actions and financial measures, including adoption of a general obligation promissory note that came in at a lower interest rate than originally projected.
Harry Allen of municipal advisor Ehlers told the council the presale estimate showed an interest rate near 4.6% but competitive bids came in around 3.5 percent with six bidders closely aligned. Because of a debt premium the underwriter priced into the issue, the total amount to be issued was…
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