Council approves substituted ordinance and sale of $27.92 million in general obligation bonds
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Summary
After a presentation by city financial advisor John Burmeister, the Davenport City Council approved by roll call a substituted ordinance to authorize the sale of $27,920,000 in general obligation corporate bonds, recommending award to Huntington Securities with a true interest cost near 3.1165%. The council suspended rules under Iowa Code §380 to allow final passage that night.
The Davenport City Council on April 8 approved a substituted ordinance authorizing the sale of $27,920,000 in general obligation corporate bonds (series 2026) and directed the award to Huntington Securities following a solicitation of underwriters.
John Burmeister, the city’s financial advisor with PFM, told the council the sale drew 16 underwriting proposals — a record number, he said — and reported a recommended true interest cost of about 3.1165 percent after sizing adjustments. Burmeister noted favorable market conditions that morning and recommended the council award the issue to Huntington Securities; he asked the council to approve the substituted ordinance on first reading so the underwriting could proceed.
Council members moved to substitute the ordinance, then voted to suspend the usual three‑reading requirement under Iowa Code §380. With rules suspended, the substituted ordinance served as the final vote; Clerk Brian called the roll and recorded the council’s affirmative votes. No members of the public spoke on the item.
The council’s action authorized staff to proceed with the sale process and for the underwriter to begin ticketing the bonds for investors. Burmeister told the council he would follow up with necessary communications to the underwriter after the meeting.
Next procedural steps include final closing and financial administration by the city finance team and PFM; the transcript did not specify a closing date or further procedural deadlines.
