Mayor Gavin Buckley
Public Information Office
160 Duke of Gloucester Street
Annapolis, Maryland 21401
FOR IMMEDIATE RELEASE:
Media Contact: Mitchelle Stephenson, 410-972-7724 or email@example.com
City of Annapolis Completes Successful Sale of $14.2 Million
in General Obligation Bonds with Multiple Bids
ANNAPOLIS, MD (December 13, 2019) - Mayor Gavin Buckley announced that on December 10, 2019, the City of Annapolis completed the sale of $14,200,000 of General Obligation bonds in two series. The City received eight bids for its tax-exempt Series A bonds that totaled $9,080,000 and seven bids for its taxable Series B bonds totaling $5,120,000.
Robert W. Baird & Co., Inc. was the successful bidder for both series. The bonds received ratings from Fitch Ratings of AA+, Moodys Investor Services of Aa2, and S&P Global Ratings of AA+.
“I am thankful to Finance Director Jodee Dickinson for shepherding the City through the Bond sale transaction. We are on more solid financial footing and looking to the future,” said Gavin Buckley. “Without Jodee and City Manager Teresa Sutherland, we wouldn’t be looking at such a strong financial picture.”
Proceeds from the Series A bonds will be used to pay off the City's Bond Anticipation line of credit and provide funding for the City's water and sewer construction projects. The bonds mature from 2021 to 2049, were sold at a true interest cost of 2.524 percent, and resulted in premium to the City of $397,833.
Proceeds from the Series B bonds will be used to refund most of the City's outstanding bonds from its 2011 GO series. The bonds mature from 2020 to 2036, were sold at a true interest cost of 2.319 percent, and resulted in net present value savings of $373,430 in debt service costs.
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