Glendale completes sale of city bonds

Posted 5/28/21

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.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe.

For $5.99, less than 20 cents a day, subscribers will receive unlimited access to the website, including access to our Daily Independent e-edition, which features Arizona-specific journalism and items you can’t find in our community print products, such as weather reports, comics, crossword puzzles, advice columns and so much more six days a week.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

Glendale completes sale of city bonds

Posted

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:

GO Bonds

Water and Sewer

  • Cholla Water Treatment Plant
  • Pyramid Peak Treatment Plant
  • West Area Reclamation Facility
  • 91st Avenue Wastewater Treatment Plant
  • Sewer Line Rehabilitation

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.

 

Comments