Bond sale saves city more then projected

by Emmitt B. Feldner
of The Review staff

PLYMOUTH – The city went to market April 26 and came back with a basket of savings.

Maureen Scheel of Ehlers and Associates, the city’s financial advisers, reported to the City Council Tuesday on the latest bond sale by the city.

The nearly $6 million bond issue sold at a better interest rate than projected, Scheel said.

“It was almost half a percent less than what we showed you last month in our estimate,” Scheel said of the winning bid from Baird in Milwaukee. Baird’s bid for the 10-year bonds had an effective interest rate of 1.5384 percent.

The bonding was to refinance outstanding city bonds from 2006, 2007 and 2008.

The result was the size of the bond issue was reduced by just over $210,000 and the city will be able to realize a total savings of just over $600,000 from the bonds being refinanced, Scheel said.

“That’s about $165,000 in additional savings than what we originally estimated,” she continued.

“Those are very good results,” Scheel summarized.

Scheel also noted that the city retained its Aa3 bond rating from Moody’s as part of the new bond issue.

“They said you have very well-managed financial reserves,” she said of the Moody’s analysis of the city’s fiscal status.

“This continues to show the good, strong position the city is in,” Mayor Donald Pohlman said of the bond sale results.

“I’d like to compliment our city administrator and staff,” Council President Charles Hansen added. “The debt and financial situation the city is in continues to improve.”

The council approved a new two-year agreement with the Plymouth Intergenerational Coalition to provide funding for the Plymouth Adult Community Center.

Under the agreement, PIC operates the former senior center at the Generations inter-generational facility.

City Administrator Brian Yerges said the new agreement calls for a one percent increase in the city’s payment to PIC each year, to $121,200 in 2016-17 and $122,400 in 2017-18.

In a memo to the council, Yerges said the increase had been approved by the council’s Finance and Personnel Committee.


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