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Council approves substituted ordinance and sale of $27.92 million in general obligation bonds
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…
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