Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Sale topic
No spam. Unsubscribe anytime.
City adviser reports favorable sale for $10.48M promissory notes after Moody’s affirms AAA rating
Summary
City municipal adviser reported competitive bids for Series 2025A promissory notes, final principal of $10,480,000 (below the $10,590,000 on the agenda), a premium of $781,000 applied to early debt‑service years, and a true interest cost around 3.166%; Moody’s affirmed the city’s AAA rating.
Harry Allen, the city’s municipal adviser from Ehlers, reported to the committee that the presale and competitive sale for the city’s Series 2025A general obligation promissory notes produced strong bids and a final principal of $10,480,000.
Allen said Moody’s affirmed the city’s AAA rating and that the lowest competitive bid came in near 3.2 percent, producing a true interest cost reported around 3.166 percent. The day’s sale produced a premium of $781,000 that will be credited toward early debt-service payments, and Allen said the final net principal amount and revised presale figures were slightly below initial agenda estimates.
He summarized that total net proceeds and issuance costs were favorable and that the sale reduced the city’s immediate borrowing needs compared with the agenda number. The municipal adviser noted the city’s borrowing capacity remains strong based on the equalized value snapshot presented in the audit discussion.
The report was placed on the record; the committee did not need further action beyond the sale report at this meeting.
