Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds topic
No spam. Unsubscribe anytime.
Chamblee sells $30 million in parks-and-trails bonds at low interest
Summary
City officials approved issuance of $30 million in general-obligation bonds for parks, trails and recreation after a competitive sale that produced a true interest cost near 4.01% and an all-in TIC of about 4.16%. Proceeds will be available to spend in early September.
Doug Gebhardt of Davenport & Company told the Chamblee City Council that the city’s competitive sale for $30,000,000 of voter-authorized general-obligation bonds attracted 15 bids and produced a true interest cost of approximately 4.01%, with an all-in true interest cost of 4.16%.
"We received 15 bids...so this is nearly triple that amount," Gebhardt said, adding that the winning bid produced a TIC of 4.01% and that proceeds deposited after closing will leave just north of $31,000,000 available for projects. He said Moody’s and S&P affirmed the city’s ratings (Moody’s at Aa2, S&P at AA+ with S&P one notch off the highest band), noting strong reserves and balanced budgets.
The mayor thanked staff and Davenport for the work that led to the sale and noted the financing follows voter approval last year. Council then voted to adopt the implementing bond resolution that authorizes issuance and the preparation of a tax levy for debt service; the resolution passed unanimously.
Council finance discussion focused on timing and next steps: Gebhardt said funds are expected to be deposited into the city account on Sept. 4, 2025, and the annual debt-service estimate is roughly $2.2–$2.3 million over the next 20 years. The council noted the referendum capped the principal and authorized a rate not to exceed 7%, so the sale below that ceiling represents savings to taxpayers.
