Glendale completed the sale of $13.7 million in general obligation bonds (GO bonds) and $22.72 million of water and sewer revenue obligations, the city reported May 28.
The city was able to take advantage of historic low interest rates in the marketplace, achieving a net interest cost of 2.08% for the GO bonds and 2.78% for water and sewer bonds.
The City Council authorized the sale of the bonds to continue making improvements and updates to Glendale infrastructure including:
Water and Sewer
The city’s positive credit ratings attracted strong investor interest including purchases from JP Morgan Asset Management, US Trust Company, Nuveen Asset Management, LLC, Blackrock Financial Management, Northern Trust, and Franklin Fund. The latest rating reports cited the city’s economic growth, budget stability, very strong reserve levels and liquidity, supported by a strong framework of financial management among its credit strengths.
“The sale of these bonds allows the city to continue moving forward with investments in our infrastructure, including parks, streets, water treatment and distribution systems, as well as sewer lines,” Budget and Finance Director Lisette Camacho stated in a news release. “Even more importantly, it demonstrates Glendale’s commitment to protecting the health and safety of Glendale residents while improving their quality of life.”
RBC Capital Markets served as the financial advisor on the bonds.