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City administrator: CFD bond sale completed; final closing expected July 15
Summary
City Administrator Rod Pruett said the city's Contract for Difference (CFD) bond sale was completed after a brief delay caused by limited initial investor interest and additional due diligence; he said the issuance was relatively small with an 11-year term and that final closing is expected by July 15.
City Administrator Rod Pruett told the Chowchilla City Council on June 30 that the Contract for Difference (CFD) bond sale was completed the prior Friday but experienced a short delay during the sales process.
Pruett said the issuance saw limited initial investor interest and required additional due diligence by a subsequently interested party. He noted the bond issue was relatively small and carried an 11-year term rather than the more typical 30-year structure, a feature he said made it less attractive to some investors. Despite the delay, Pruett reported that financing completed successfully and that final closing is expected by July 15.
The transcript records Pruett's summary of the financing timeline and structure but does not provide the principal amount, interest rate, or the specific projects the issuance will fund. Those financial details and the closing documentation were not read into the public minutes at the meeting and should be obtained from the city's finance office or the Public Finance Authority for verification.
