The following was provided by the City of Summit:
The City of Summit, NJ is announcing the successful sale of a $9.6 million of General Obligation (G.O.) bond consisting of $7.4 million of general bonds and $2.2 million of parking bonds. The City sold the $9.6 million fixed-rate issue via an online competitive sale earlier today amid strong investor demand. There were a total of eight bids offered. The winning bidder is FTN Financial Capital Markets at a net interest cost of 2.498771%.
The bond sale follows a comprehensive and routine analysis by the City of its debt capacity to provide assurance that the amount of debt acquired by the municipality will be affordable and cost effective. Earlier this year, the City of Summit was awarded a AAA bond rating – the highest rating possible – by analysts Moody’s, Standard & Poor’s, and Fitch.
“This successful sale of Summit’s General Obligation bond is an excellent outcome for the City,” explained Summit Mayor Ellen Dickson. “It will allow the City to maintain the level of improvements that citizens expect while responsibly managing our debt levels.”
For more information on the City of Summit visit http://cityofsummit.org.