[bouldercouncilhotline] Hotline: Results of the Certificates of Participation sale

[cmosupport at bouldercolorado.gov]

Sender: Eichem, Bob

Good morning Council.  This morning the sale of the Certificates of Participation (COPs) occurred.  The winning bidder was Robert W. Baird and Company, Inc.  The true interest costs of the bid was 3.599%.  The maximum annual debt service will be a little under $2.9 million per year.  At the September 15, 2015 city council meeting when the parameters ordinance for the COP sale was last discussed the estimate was the actual amount of debt service per year would be between $3.1 to $3.2 million annually.  The benefit of a strong rating by the rating agencies, strong financial performance and solid financial policies that are followed by the City combined with the low interest rate environment all contributed to a favorable COP issue in which the annual debt service is better than was expected.

Thank you.

Bob Eichem, CFO
City of Boulder