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Vienna council accepts $16.6 million bond bid from Raymond James at 3.45%
Summary
At a special meeting, the Vienna Town Council unanimously approved awarding the $16.6 million bond sale to Raymond James and Associates at a 3.45% interest rate; advisors said 15 firms bid and the sale will close Dec. 16 to fund 2026 CIP projects.
The Vienna Town Council unanimously voted to accept the winning bid for a $16.6 million bond sale to fund the town's 2026 capital improvement program, awarding the bonds to Raymond James and Associates at a 3.45% interest rate.
Jennifer Dirkson of Davenport Financial Advisors told the council the sale attracted a record 15 bidders and produced a narrow spread between the lowest and highest bids—about 10 basis points. "Raymond James and Associates was the lowest bidder at a 3.45," Dirkson said, adding the result was better than the town's 4% planning rate and the preliminary 3.56% estimate.
Council members sought clarification about the total sale amount and rates during a brief question-and-answer period. The amount sold was confirmed as $16.6 million; one council member initially misheard the figure as $6.8 million before the advisor clarified the full amount. Members noted the tight spread and the unusually low rate for recent municipal sales.
Council member Anderson moved "to accept the bid from Raymond James and Associates Inc. for the Town of Vienna General Obligation Public Improvement Bonds Series 2025 B as presented." The motion was seconded, the clerk called the roll, and the recorded votes were all "Aye," carrying the motion unanimously.
Councilor Springsteen told members the bond closing is scheduled for Dec. 16, at which point the town will have the funds available to begin the projects listed in the 2026 CIP. Mayor Colbert and other members praised staff and the town's advisors for securing the favorable rate; Mayor Colbert said, "Director Barlow, you've just done a fantastic job."
The council also received administrative reminders: councilors must complete town manager evaluations before a Dec. 8 meeting, which will begin at 6 p.m., and the council confirmed there will be no meeting on Dec. 15. The special meeting adjourned following those items.
What happens next: the accepted bid will move to closing on Dec. 16; the council did not discuss any amendments to the bond terms at the meeting.
