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City presents results of Series 2025A bond sale; S&P reaffirms AAA rating
Summary
The city reported sale results for its General Obligation Improvement Utility Bonds, Series 2025A: $8.97 million par, 8 bids, winning true interest cost 3.16%, and an S&P AAA rating reaffirmed. Council accepted the presentation and had no questions.
Mikaela Hewitt, a municipal advisor with Baker Tilly, presented the results of Blaine's General Obligation Improvement Utility Bonds, Series 2025A, following council authorization of the sale on Nov. 3.
Hewitt said the sale date was Dec. 2, eight bids were received and the winning bidder was FHN Financial Capital Markets with a true interest cost of 3.16%. The bonds, she said, are tax-exempt with a 15-year term for most improvements and a five-year equipment component. Director Zimmerman had introduced the item and confirmed the sale conformed to the parameters the council set in November.
Hewitt also reported that Standard & Poor's reaffirmed the city's AAA rating, citing robust management practices, consistent budgetary performance and strong fund balances. "We're very pleased to report that the city was reaffirmed as AAA with S and P," she said.
The presentation included a summary of debt service, funding sources (assessments, annual levy and utility revenues) and comparisons to prior sales. Council members had no questions following the presentation and the mayor thanked Hewitt for the briefing.
The advisory presentation was informational only; there was no formal vote required to accept the report.
