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Council accepts low bid for $2.05 million general obligation bond issue
Summary
Council authorized issuance of $2,050,000 of general obligation bonds (series 2026) after municipal adviser Heather Caspersen reported bids, a par reduction from 2,280,008 to $2,050,000, a purchase price of $2,212,125.18 and a true interest rate of 3.419%; the low bidder was TD Financial Products LLC.
PFM municipal adviser Heather Caspersen told the council bids were received that morning for the city's series 2026 bonds and that "the original par amount of the bonds was 2,280,008" but the issue was resized to $2,050,000 to match the city's financing needs. She said the purchaser will pay $2,212,125.18 and that the true interest rate was "3.419%," and recommended the council accept the low bid from TD Financial Products LLC.
After advisers answered questions, a councilor moved to adopt a resolution awarding the sale, fixing the form and details for the $2,050,000 general obligation bond series 2026 and authorizing the mayor and finance director to execute bond documents on behalf of the city; the motion carried on roll call.
