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Andover accepts low bids, approves issuance for $4.915M Series A bonds; city locks favorable interest rates
Summary
City financial adviser reported the winning bid for Series A general-obligation bonds produced a 3.79% rate; council awarded the bond purchase, adopted an ordinance authorizing issuance, and approved a resolution describing bond details, with officials noting about $500,000 in interest savings compared with earlier projections.
The Andover City Council approved three related actions on June 30 to complete the city's Series A 2026 general-obligation bond sale: awarding the bid, adopting an ordinance authorizing issuance, and approving a resolution that sets the form and terms of the bonds.
Assistant City Administrator Jolene Graham introduced Clayton Kelly, the city's financial adviser from Piper Sandler. Kelly said the sale attracted eight bids and the winning bid produced a 3.79% interest rate, with several other bids clustered closely (the runner-up was 3.80%). He said the rate represented an improvement from the preliminary projection of about 4.5% and equated to roughly $500,000 in interest-cost savings across the financing.
Kelly said seven of eight bids came in below 4% and closing is expected July 22, when funds will be received. He credited the city's strong credit (double A-minus) and staff work for the competitive outcome. The council then proceeded to three motions that finalize the financing: awarding the GO series A purchase (recorded amount $4,915,000 awarded to BK Financial Securities, Inc.), adopting the ordinance authorizing issuance, and approving the resolution describing bond details and interest-rate terms. The motions carried on voice votes.
Council members thanked Kelly and staff for timing the financing to favorable market conditions; Jolene Graham deferred legal details to bond counsel as needed. The city will receive proceeds after the closing date and will apply funds to the special-assessment projects identified in the financing plan.
