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Groves council approves sale of $26 million certificates of obligation to fund city projects
Summary
On March 9, 2026, the Groves City Council approved Ordinance 2026-05 authorizing the issuance and sale of certificates of obligation series 2026. Staff reported a Standard & Poor’s AA‑minus rating, a $26 million deposit to the project fund and an all‑in interest cost near 4.04 percent.
The Groves City Council on March 9 approved Ordinance 2026‑05 authorizing the issuance and sale of certificates of obligation series 2026 to fund planned city projects. City staff told the council the sale produced approximately $26,000,000 to deposit into the project fund and that Standard & Poor’s had assigned an AA‑minus rating to the city’s debt for this offering.
City presenter Mr. Roof said the certificates’ stated principal was $24,500,000 (as described in the documents…
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