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Council accepts low bids on CO and GO bonds after favorable market day
Summary
Financial advisors reported strong bond market results; council accepted RW Baird as low bidder on both the certificates of obligation ($4.17M par) and general obligation bonds, concluding the financing transactions and completing required signatures.
City financial advisors reported strong results from competitive sales for certificates of obligation (CO) and general obligation (GO) bonds. Samco Capital Markets presented the bids and recommended accepting the low bidder, RW Baird, noting a true interest cost near 4.08% for the COs and about 4.04% for the GOs.
Advisors said the CO par amount is $4,170,000 and $4,200,000 was deposited into the project fund because the bonds sold at a premium; they described the city’s credit as high grade and attributed strong results to sound management and high reserve levels. Council made separate motions to accept the CO and the GO bids and approved both, then completed the required signatures on the financing documents.
