Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Sale topic
No spam. Unsubscribe anytime.
Council awards $180,000 equipment bond to Huntington at 4.83%
Summary
Following a sale-day report from ERS & Associates, the council approved awarding a seven-year, non‑rated equipment bond to Huntington Public Capital (Huntington Bank) at a 4.83% interest rate; staff said closing is expected around July 25.
Todd Hagen of ERS & Associates told the council the city received five bids on a small, seven-year, non‑rated bond for capital equipment and recommended the low bidder, Huntington Public Capital (Huntington Bank), at a 4.83% rate.
"Your winner is Huntington Bank and at 4.83," Hagen said, summarizing the bids and noting that the interest-rate spread between the low and high offers would cost the city about $8,600 across the life of the issue. He said the offering size is roughly $180,000 and the bonds are callable after closing; closing is expected near July 25.
Why it matters: the sale will fund capital equipment identified in the finance packets. For a small bond like this, Hagen said the percentage swing among bidders does not translate to large dollars, but the council should still consider the effective interest cost and issuance expenses.
Council moved to approve the bond-sale resolution to award the sale to Huntington and passed the motion with no opposition.
Next steps: bond documents will be prepared by bond counsel and staff will finalize closing arrangements; council received the bid tabulations and debt-service schedules for levy planning.
