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Mt. Vernon bond sale for Rec Center yields about $30.0 million at ~4.31%; informational presentation
Summary
Kings Financial reported a $30,002,148 bond sale for the Mt. Vernon Rec Center, priced to yield an effective rate of about 4.31% with D.A. Davidson as underwriter; city staff said no council action was required at the workshop and the bonds will close Feb. 10.
Tim King of Kings Financial presented details of the Rec Center bond sale during the Jan. 29 City Council workshop, reporting project funds of $30,002,148 that are scheduled to close on Feb. 10.
King said the city used underwriting firm D.A. Davidson and that Standard and Poor’s assigned the city an A+ rating. He described the sale as successful and noted that coupon structures included 4% and 5% pieces, with the effective yield improving over last year’s levels: "It was a very successful sale held on behalf of the City of Mt. Vernon," King said. The bonds carry a short five‑year call provision beginning June 15, 2031.
City staff characterized the presentation as informational; no further council action was required at the workshop. Fund accounting will reflect bond proceeds in the Home Rule Sales Tax Fund (Fund 25) when the transaction closes.
