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Manchester awards $2 million general obligation bond sale to B Financial Securities
Summary
Spear Financial reported four competitive bids for $2 million in Series 2026 general obligation corporate purpose bonds and recommended awarding the sale to B Financial Securities (Milwaukee) based on the premium offered; council approved the recommendation.
The Manchester City Council voted to award a $2 million general obligation corporate purpose bond sale (Series 2026) to B Financial Securities after a competitive bidding process, council documents show.
Maggie Burgerer of Spear Financial told the council that four bids were received and that the decision hinged on premium amounts offered to the city, which reduce the true interest cost.
'We received four bids this morning', Burgerer told the council, noting that B Financial offered the highest premium and an interest result that the firm recommended to the council. She reported a borrowing amount of $2 million and that the successful bidder provided about $85,518 in premium that the city may use on the project or place into its debt service fund if unused.
Burgerer described the pattern of premiums in current markets and explained the bonds are 10-year issues with call provisions after the June 1, 2033 payment; she and staff recommended the council accept the award. The council approved the resolution by roll-call vote.
The award resolution and the final debt-service schedule were provided to the council; staff said they will notify the city if refinancing opportunities arise that would warrant further council action.
