HomeMy Public PortalAboutAB 21-240 Library Bond Update
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 21-240
Meeting Date September 23, 2021
AGENDA ITEM INFORMATION
SUBJECT:
Final Results from City of McCall Series 2021General Obligation Bond Sale for the Library Expansion Project
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Originator
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
See attached
Parks and Recreation
FUNDING SOURCE:
Property Taxes
Airport
Library
TIMELINE:
Sale was September 8. Closing Date of Transaction and Deposit of Funds was September 21.
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Piper Sandler, the City’s Underwriter, conducted a negotiated sale on September 8, 2021, of the General Obligation Bonds authorized by the voters for the Library Expansion Project. Christian
Anderson of Zion’s Bank, the City’s municipal financial advisor, provided the final results of the sale in the attached document. The Municipal Bond market was favorable to the City,
and we achieved a final interest rate that was better than anticipated which will save the city taxpayers money over the twenty-year life of the debt service payments. Moody’s Investor
Services rated the City’s credit at Aa2, which is normally given to larger cities, based on the City’s conservative budgeting practices, strong financial reserve policies, and tax base.
A copy of the Moody’s analysis is also attached.
RECOMMENDED ACTION:
Information Only
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
August 26, 2021
Council adopted Ordinance 1005 and authorized issuance and sale of the Bonds
August 12, 2021
Piper Sandler selected as Underwriter for Bond Sale