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Urbandale sells $7.75M in 2026 Series A notes; Moody’s affirms Aa1 rating
Summary
Council accepted the low bid for the city's 2026 Series A general obligation capital loan notes after staff reported favorable market results and a Moody’s Aa1 rating. Sale proceeds will fund CIP items while continued TIFF retirements reduce debt service in coming years.
The City of Urbandale accepted a low bid from TD Financial Products for its 2026 Series A general obligation capital loan notes, sized at $7.75 million, after a staff briefing on the sale results.
Finance Director Nikki Lamb and municipal advisor Travis Squires of Piper Sandler presented the results: Moody’s affirmed Urbandale’s Aa1 rating, staff sized the sale to $7.75M to match CIP needs, and the market produced six bids with TD Financial Products submitting the lowest true interest cost. Squires noted the city’s multi‑year strategy of applying TIFF and other receipts to prepay bonds is materially reducing future debt service and that the combination of payoffs this year will reduce outstanding debt substantially.
Squires described the bidder TD Financial Products as an algorithmic trading arm related to TD Securities that performed the purchase and provided required good‑faith wiring; underwriting and closing follow standard municipal finance procedures. Council approved acceptance of the bid and authorized closing steps under council letter 8476.
City staff and advisors said the issuance supports several CIP projects with dedicated repayment sources and will modestly reduce the city’s debt‑service levy in coming years as older issues retire. The council thanked staff and the underwriting team for a smooth sale.
