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.
You must be a member to read this story.
Join our family of readers for as little as $5 per month and support local, unbiased journalism.
Current print subscribers can create a free account by clicking here
Otherwise, follow the link below to join.
To Our Valued Readers –
Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.
For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.
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.
Need to set up your free e-Newspaper all-access account? click here.
Non-subscribers
Click here to see your options for becoming a subscriber.
Register to comment
Click here create a free account for posting comments.
Note that free accounts do not include access to premium content on this site.
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:
Street Reconstruction (Glendale Ave. from Loop 101 to El Mirage Road) and Bell Road (51st. Ave. to 59th Ave.)
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.
