General Obligation Bond Sale Series 2026A
At a glance
Based on auto-generated captions, which may contain errors; names and numbers may be misheard.
- What: sale of the city's tax-exempt general obligation bonds, Series 2026A (about 56.9 million dollars), the annual borrowing for capital improvement projects already approved in the capital plan.
- Where it stands: sale directed and approved at the 2026-10-21 special meeting, six yes.
- Next: closing and delivery of the bonds; no further council action was discussed.
Bids and pricing
- Bids opened at 10:00 a.m. the same day; 13 bids were received from over 49 banks, more than the typical five to eight.
- The winner was JP Morgan, leading a four-member syndicate, at a true interest cost of about 4.458%; Oppenheimer was the cover bid, less than one basis point higher.
- Bids ranged from 4.45% to 4.53%; the first 12 were within four basis points of each other.
- Suzanne Gerlach of the city's financial advisor said pricing was about 20 basis points over the AAA scale, in a market where rates are about 88 basis points above a year ago. The city holds an AA+ rating from Standard & Poor's, one notch below AAA, as it always has.
Decision
- Moved, seconded and approved, six yes (the captions suggest Voss voted yes; hedged).
Sources
- 2026-10-21 - City Council Special Meeting (video and auto-generated captions)
Discussion time
About 9 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-21 - City Council Special Meeting | 9 |
Log
- 2026-10-21 - City Council Special Meeting — Council directed the sale after the finance director and financial advisor reported 13 strong bids (about 9 minutes).
- 2026-11-02 - 2026-11-02 - City Council: $55,775,000 in General Obligation Bonds, Series 2026A, authorized on the consent agenda (7-0).