Published on 4/27/2015 in the Prospect News Municipals Daily.
New Issue: Polk County, Iowa, brings $92.11 million of general obligation bonds
By Sheri Kasprzak
New York, April 27 – Polk County, Iowa, sold $92.11 million of series 2015 general obligation bonds, said a pricing sheet.
The deal included $18,135,000 of series 2015 G.O. bonds and $73,975,000 of series 2015B G.O. bonds.
The 2015A bonds are due 2016 to 2025 with 2% to 2.25% coupons.
The 2015B bonds are due 2016 to 2035 with 3% to 3.75% coupons.
The bonds (Aaa/AAA/) were sold competitively with Robert W. Baird & Co. winning the series 2015A bonds at a 1.74% true interest cost and Citigroup Global Markets Inc. taking the 2015B bonds at a 3.07% TIC, said Deb Anderson, budget manager for the county’s Board of Supervisors.
Proceeds will be used to finance the acquisition, construction and improvement of storm water management systems.
| Issuer: | Polk County, Iowa
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $92.11 million
|
| Type: | Competitive
|
| Underwriters: | Robert W. Baird & Co. (for 2015A bonds), Citigroup Global Markets Inc. (for 2015B bonds)
|
| TIC: | 1.74% (for 2015A bonds), 3.07% (for 2015B bonds)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | April 27
|
| Settlement date: | June 1
|
|
|
| $18,135,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.23 million | 2016 | Serial | 2% | 101.696
|
| $4,895,000 | 2017 | Serial | 2% | 102.698
|
| $925,000 | 2018 | Serial | 2% | 102.948
|
| $945,000 | 2019 | Serial | 2% | 102.917
|
| $975,000 | 2020 | Serial | 2% | 102.643
|
| $995,000 | 2021 | Serial | 2% | 101.673
|
| $1.01 million | 2022 | Serial | 2% | 100.713
|
| $1,035,000 | 2023 | Serial | 2% | 100
|
| $1.05 million | 2024 | Serial | 2.125% | 99.796
|
| $1,075,000 | 2025 | Serial | 2.25% | 100
|
|
|
| $73,975,000 series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.05 million | 2016 | Serial | 3% | 102.745
|
| $4,535,000 | 2017 | Serial | 3% | 104.682
|
| $4.52 million | 2018 | Serial | 3% | 105.988
|
| $2,835,000 | 2019 | Serial | 3% | 106.807
|
| $2,935,000 | 2020 | Serial | 3% | 107.3
|
| $2,995,000 | 2021 | Serial | 3% | 105.91
|
| $3.06 million | 2022 | Serial | 3% | 104.832
|
| $3.16 million | 2023 | Serial | 3% | 103.864
|
| $3.24 million | 2024 | Serial | 3% | 103.049
|
| $3,315,000 | 2025 | Serial | 3% | 102.383
|
| $3,385,000 | 2026 | Serial | 3% | 101.394
|
| $3.47 million | 2027 | Serial | 3% | 100.415
|
| $3,555,000 | 2028 | Serial | 3% | 99.467
|
| $3.66 million | 2029 | Serial | 3% | 98.312
|
| $3.76 million | 2030 | Serial | 3.5% | 100.823
|
| $3,825,000 | 2031 | Serial | 3.5% | 100.547
|
| $3,945,000 | 2032 | Serial | 3.5% | 100.273
|
| $4,065,000 | 2033 | Serial | 3.75% | 101.229
|
| $3,775,000 | 2034 | Serial | 3.75% | 101.046
|
| $3.89 million | 2035 | Serial | 3.75% | 100.908
|
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