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Council committee recommends sale of $2015 general-obligation bonds after 45 competitive bids
Summary
Staff reported a competitive sale with 45 bids and recommended Mesmeral Financial to underwrite the Village of Palatine's Series 2015 general-obligation bonds at an interest rate just under 2%; the Business Finance and Budget Committee forwarded the bond ordinance to the consent agenda.
The Business Finance and Budget Committee recommended that the council authorize issuance of Series 2015 general-obligation bonds after what staff described as a competitive bidding process.
A finance staff member told the committee, "We received a total of 45 bids for these bonds," and said the village's financial advisor recommended Mesmeral Financial. Staff reported an interest rate "just under 2%" for the proposed sale, which the committee characterized as an outstanding result given market conditions. Committee members voted to place the bond ordinance on the consent agenda for council adoption.
Council later recorded a roll call vote on the ordinance at the full meeting; committee chairs then reported the item out for final council consideration and the ordinance passed on the consent agenda.
