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Columbia, S.C., 2009 waterworks bonds’ interest now at weekly rate
By Wendy Van Sickle
Columbus, Ohio Aug. 26 –The City of Columbia, S.C., has adjusted the interest rate on all outstanding of its $81.86 million of series 2009 waterworks and sewer system revenue bonds after they were subject to mandatory tender on Wednesday, according to a notice.
The bonds will now bear interest at the weekly rate instead of the previous daily rate.
A letter of credit from Sumitomo Mitsui Banking Corp. will replace a letter of credit from U.S. Bank for payment of principal and interest on the bonds. The anticipated ratings under the Sumitomo letter are Aa1/VMIG1 from Moody’s Investors Service and AAA/A-1 from Standard and Poor’s.
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