The City completed the sale of $26,700,000 Water Revenue Bonds, Series 2018 (the "Series 2018"), on March 13, 2018, through a competitive sale. The City received 13 bids and awarded the bonds to Janney Montgomery Scott LLC which achieved a True Interest Cost (TIC) of 3.81%.
The strong demand for the City's Water Revenue Bonds was attributed to the strength of the credit ratings, which are AA+ and AA+ from Standard & Poor's and Fitch Ratings, respectively. These strong ratings continue to assist the Water System (the "System") in achieving low interest costs for capital projects.
Additionally, the City timed the sale of the Series 2018 Bonds to use existing resources from its prior bonds to minimize the costs of issuance. This was accomplished by selling the Series 2018 Bonds not long after the sale of the City's Water Revenue Refunding Bonds, Series 2017, which occurred on December 13, 2017.