City Sells $3,360,000 Taxable and $10,615,000 Tax-exempt General Obligation Capital Improvement Bonds and Standard & Poor’s Assigns AA+ Rating in Connection with Sale
The City of Concord, NH, is very pleased to report that it received competitive bids on Thursday, January 16, 2020, for a $10.365 million, 20 year general obligation bond issue.
The City received twelve bids in connection with the $10.365 million tax exempt series, and FHN Financial Capital Markets purchased the bonds at an average interest rate of 1.75%. The City also received eight bids in connection with the $3.36 million taxable series, and Robert W. Baird & Co., Inc. purchased the bonds at an average interest rate of 2.608%. The bond proceeds will be used to fund various capital improvements.
Prior to the sale, Standard & Poor’s Ratings Services affirmed the City’s bond rating of AA+ for existing bonds, and issued a rating of AA+ for the General Obligation bond sale. The agency cited the City’s strong economy, very strong management, strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility, very strong liquidity and very strong institutional framework as positive credit factors. They also noted weak debt and contingent liability profile.