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Finance Presents Details on Two Proposed GO Bond Series; Sale Planned for Sept. 11
Summary
Finance staff briefed the committee on proposed general-obligation bond series 2024C (par amount discussed in the staff presentation) and 2024D ($53,740,000), projected interest costs and a planned Sept. 11 sale with October closing dates.
Finance staff presented two proposed general-obligation bond series that will appear on the full council agenda for consideration.
Andrew Martinez, finance department, walked the committee through the details. For series 2024C he said, "The proposed GO bond series, 20 24 c is in the par amount of a 108,640,000" and described projected interest rates around 3.67%–3.94% and a true interest cost near 3.76%; staff noted a list of projects in the packet and a 30-day protest period ending October 23 with expected closing on October 25. For series 2024D Martinez said the par amount is $53,740,000 with three maturities and a projected true interest cost around 3.77%; both series, if authorized, will be sold on September 11 and then returned to council with a bid-award resolution and ordinance to issue the bonds.
Committee members asked no substantive questions in committee and the items were placed on the full council agenda for final consideration.
