City Bond Sale
Annapolis, MD (5-21-13) Mayor Joshua J. Cohen announced Annapolis sold $15,370,000 in bonds, with a winning bid of 2.73%. The bid was submitted by Citigroup Global Market Inc.
“This bond sale will benefit taxpayers by allowing the City to finance needed capital improvements at an incredibly favorable interest rate,” Mayor Cohen said. “The low rate is proof positive that Annapolis remains a sound investment.”
The City received six bids from national and regional banking and underwriting firms for the sale of the Public Improvements and Refunding Bonds, 2013 Series.
“The result of the bond sale validates our approach to creating an adequate fund balance, hiring professionals, and streamlining the delivery of services to the community,” City Manager Michael Mallinoff said.
The three rating agencies released their reports earlier this month with Standard and Poor’s Ratings Service upgrading the City’s rating from AA to AA+. Fitch and Moody’s affirmed a rating of AA+ and Aa3 respectively.
“The outcome is a reflection of the City’s ongoing management and oversight policies put in place and strictly followed,” said Finance Director Bruce Miller.