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Village sells GO bonds for public-works facility at about 4.46% for 25 years, advisor says
Summary
The village's bond sale for a public works facility closed with an interest rate of 4.46% for 25 years; financial advisor Mark Girifino said closing is scheduled for Oct. 9 and credited timely market timing and the village's AA- credit rating.
The Village of Hampshire’s financial advisor reported that the village sold general-obligation bonds to finance a public works facility, securing an interest rate of 4.46% for a 25-year term.
Mark Girifino of Spear Financial, who appeared online at the board’s request, summarized the transaction: “Last Tuesday, we sold the bonds for the village's public works facility, and the interest rate ended up being a 4.46% rate for 25 years,” he said, adding that the village is scheduled to close on Oct. 9 when it will receive the funds. Girifino told the board the rate was set by comparing recent Illinois transactions for similarly rated borrowers; he said the village’s Standard & Poor’s rating is AA- with a stable outlook.
Girifino and board members said market timing helped, with the underwriter noting rates rose after the sale. No board questions were raised following the summary. The board did not take a separate vote on the bond sale during the recorded portion of the meeting; the advisor characterized the sale and timing as favorable for the village.
