Committee told city sold $65.66 million in general-obligation bonds; evening meeting to seek award authorization

Chad Becker, who identified himself as representing the city treasury, told the Public Works Committee the city sold $65,660,000 of general obligation bonds in a competitive sale earlier that day.

"65,660,000 of general obligation bonds," Becker said, adding that rates ranged widely in the bids and that the all-in true interest cost worked out to about 4.46 percent. He said the sale drew seven qualified bidders, that one bidder was excluded for failing to provide the required good-faith deposit, and that Misero Financial was the winning bidder. Becker said the sale received a premium described in the presentation and that the bond closing is scheduled for November 5.

Why it matters: awarding and closing the bonds completes a financing step the city uses to fund capital projects. Committee members received the sale results so the full council can formally authorize the award later the same day.

Committee action: Becker said staff would return to the evening meeting to ask members to "authorize this sale and award to the lowest best bidder." No vote occurred during the committee briefing; the authorization is expected on the evening council agenda.