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Council awards sale of $6.32 million general obligation bonds to Piper Sandler
Summary
After receiving six competitive bids, council authorized staff to award the sale of a resized $6,320,000 general obligation bond issue to Piper Sandler; staff reported a net effective interest rate of 3.787% and a $167,000 premium used to reduce par amount.
City finance advisors reported competitive bidding results for the city's 2026 general obligation bond issue and recommended awarding the sale to Piper Sandler. Shannon Sweeney said six bids were received and that the low, premium-inclusive bid produced a net effective interest rate of 3.787%; a $167,000 premium reduced the par amount and allowed the issue to be resized.
"Piper Sandler and Company, with a net interest rate of 3.787%," Sweeney said in explaining the bid results and the mechanics of premium reducing the par amount. The council voted to authorize the sale and associated bond resolution by roll call.
