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Council authorizes bond issuance and selects Loop Capital Markets as low bidder
Summary
Finance staff reported four bids on a 24-month note with a low bid of 3.122%; council authorized issuance and approved Loop Capital Markets as the winning bidder by voice vote.
City finance staff presented bids for a short-term bond offering and recommended accepting the low bid from Loop Capital Markets. "We received the bids, 4 bids, low of 3.122, high of 3.75...the winning bidder is Loop Capital Markets who's bid 3.122," the finance speaker reported, noting these rates were significantly lower than the bond‑buyer benchmark that day.
Council authorized the issuance of the bond and later approved Loop Capital specifically as the winning bidder. Staff said the short-term note matures in 24 months and that the city expects this financing will not require a new mill levy or additional local taxes to cover the long-term debt service. The motion to authorize issuance and the separate motion naming Loop Capital passed by voice votes with no recorded roll-call tallies in the transcript.
