The City of Summit is announcing the successful sale of $29,832,000 in general bonds with a net interest cost of 1.82% on Thursday, April 7 at 11AM.
The City received nine (9) competitive bids with the winning bid submitted by Mesirow Financial, Inc., a Chicago, Illinois based investment banking firm.
The bond sale had been postponed from last October at the recommendation of Council President Michael McTernan in the hope of securing a lower rate following confirmation of a AAA bond rating from Fitch, Standard & Poor’s and Moody’s.
“The successful bond sale is a clear indication that the City of Summit is a sound financial investment,” explains Common Councilmember and Finance Committee Chairperson Sandra Lizza. “Stalwart financial management by the governing body and an important AAA rating has created confidence in Summit. The results could not have been better for the City and its taxpayers.”
Bids were accepted electronically through Parity Information. Official documents can be found at I-Deal Prospectus under the sale date 04/07/16.
For more information, visit: i-dealprospectus.com/PublicSite/wfProspectusMain.aspx or the City of Summit website at cityofsummit.org/finance.