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Altoona approves sale of General Obligation Urban Renewal Bonds, Series 2024
Summary
The Altoona City Council on July 15 held a public hearing and adopted a resolution awarding General Obligation Urban Renewal Bonds, Series 2024. City finance advisors said the city received 10 bids and selected Bank of NY Mellon with a reported True Interest Cost of 3.28%; the measure passed 4-0 (one member absent).
The Altoona City Council on July 15 approved a resolution awarding the General Obligation Urban Renewal Bonds, Series 2024, after holding the required public hearing.
Matt Stoffel of financial advisor PFM told the council the hearing was required to receive public comment and to authorize the city to issue the bond notes. No members of the public spoke during the hearing. Stoffel said the city received 10 bids and that the lowest bid was from Bank of NY Mellon with a reported True Interest Cost (TIC) of 3.28 percent.
The resolution passed by roll call vote, recorded as 4-0 with one council member absent. The transcript does not specify the specific projects or capital uses these bonds will fund beyond the general purpose of urban renewal authority and bond issuance authorization.
The council had opened and closed the hearing at 6:31 p.m. and moved directly to the resolution vote after hearing no public comment. City officials recorded the award and the vote; no amendments or motions to reconsider were noted.
The next administrative steps typically include finalizing bond documents and completing the sale; the council did not record a timetable or further project allocations in the meeting transcript.
