VII.1. Authorize Sale of $8,585,000 General Obligation Bonds, Series 2020A; BishopApril 21, 2020 Council Report 2020-026
AUTHORIZE SALE OF $8,585,000 GENERAL
OBLIGATION BONDS, SERIES 2020A
Proposed Action.
Staff recommends that the Council approve the following motion: Resolution 2020-019
Providing for the Sale of $8,585,000 General Obligation Bonds, Series 2020A.
Overview:
The Series 2020A bonds will be general obligations of the city for which it’s full faith, credit and
taxing authority powers are pledged. The bonds are being sold to finance three purposes
•A portion of the 2020/2021 street improvement project for Preston Lane, Boyce Street,
Goodrich Street, Ashley Road, Holly Road, Oakwood Road, Interlachen Road, Maple
Hill Road, Homedale Road, Hawthorne Road, Meadowbrook Road, and Blake Road from
Spruce Road to Boyce Street
•Mill and overlay projects on 1st Street North, North Central Business District Avenues
and Maetzold Field Lot
•Purchase of a wheel loader
The bonds are being issued with a 16 year term with payments to come from a tax levy and
special assessments. The will be issued pursuant to MN statutes 429 (street and special
assessment), 469.1814 (tax abatement bonds) and 412.301 (equipment certificates). The City’s
last bond rating was AA+ with a stable outlook. Standard and Poor’s will update the rating
before bonds are sold on May 19th.
Primary Issues to Consider
•None
Supporting Information:
•Resolution No. 2020-019
•Bond Pre-Sale Report
________________________________________
Nick Bishop, CPA
Finance Director
Financial Impact $8,585,000 Bond Proceeds Source: Tax Levy & Special Assessments
Budgeted: Y/N Y Related Documents:
Capital Improvement Plan &
Equipment Replacement Plan
Notes:
Resolution No. 2020-019
Councilmember _________________ introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$8,585,000 General Obligation Bonds, Series 2020A
A. WHEREAS, the City Council of the City of Hopkins, Minnesota has heretofore determined that it is
necessary and expedient to issue the City's $8,585,000 General Obligation Bonds, Series 2020A (the
"Bonds"), to finance the 2020 road reconstruction project, construct trails, complete mill and overlay
projects and purchase capital equipment in the City; and
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent municipal advisor for the Bonds in accordance with Minnesota Statutes, Section 475.60,
Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hopkins, Minnesota, as
follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to assist the City for the sale of
the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 pm on May 5, 2020, for the purpose
of considering proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and participate in the preparation of an official statement for the
Bonds and to execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by City Council Member
_______________________ and, after full discussion thereof and upon a vote being taken thereon, the
following City Council Members voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 21st day of April, 2020.
_____________________________________________
City Clerk
April 21, 2020
Pre-Sale Report for
City of Hopkins, Minnesota
$8,585,000 General Obligation Bonds, Series 2020A
Prepared by:
Stacie Kvilvang, CIPMA
Senior Municipal Advisor
Jason Aarsvold, CIPMA
Senior Municipal Advisor
Keith Dahl,
Municipal Advisor
Executive Summary of Proposed Debt
Proposed Issue: $8,585,000 General Obligation Bonds, Series 2020A
Purposes: The proposed issue includes financing for the following purposes:
•Equipment Certificate ($225,000): This portion of the Bonds are
being issued to finance acquisition of a wheel loader for the City.
Debt service will be paid from ad valorem property taxes.
•2020 Street Reconstruction ($7,885,000): This portion of the
Bonds are being issued to pay for the City’s 2020 street
reconstruction project. Debt service will be paid from special
assessments and ad valorem property taxes.
•Mill/Overlay ($475,000): This portion of the Bonds are being
issued to finance various mill and overlay projects in the City. Debt
service will be paid from ad valorem property taxes.
Authority: The Bonds are being issued pursuant to Minnesota Statutes, Chapters:
•412.301 – Equipment Certificates
•429 – Improvements Bonds for Annual Street Reconstruction
•469.1814 – Tax Abatement for Mill/Overlay
•475 – General Bonding Authority
Equipment Certificate Portion: The City is authorized to issue debt for the
purchase of capital equipment. If the amount of equipment certificates being
issued is more than .25% of the estimated market value (EMV) of taxable
property in the City, a public notice must be published, and the issue is
subject to reverse referendum. The City’s EMV for Pay 2020 is
$2,203,931,800. Since the amount of the proposed equipment certificate is
below the statutory threshold of $5,509,830, the certificate may be issued
without public notice and voter approval.
Moreover, this portion of the Bonds will count towards the City’s statutory
debt limit, which is 3% of the EMV. Therefore, the debt limit is $66,117,954.
As of February 2, 2020, the City had $27,220,000 subject to the legal debt
limit (this amount includes the 2012A, 2012B (Equipment Certificate
portion), 2014A (SROP portion), 2014B (CIP portion), 2015A, 2016C
(Equipment Certificate portion), 2017A, 2018A (SROP and Equipment
Certificate portions), 2019A (CIP and SROP portions)). The proposed
certificate, plus the City’s current outstanding debt equals a total debt of
$27,445,000. This figure is well below the City’s statutory debt limit noted
above.
2020 Street Reconstruction Portion: Because the City is assessing at
least 20% of the project costs, this portion of the Bonds may be a general
obligation without a referendum and will not count against the City’s debt
limit. The City intends to levy a total of $1,487,000 in special assessments
to benefitting property owners, of which $595,000 (40%) is anticipated to be
collected in pre-paid assessments (this portion of the Bond issue was
reduced accordingly). The remaining $892,000 of special assessments will
be collected in years 2021 to 2035 at a rate of 2% over the True Interest
Costs (TIC) of the Bonds. Annual assessments are paid on an equal
principal basis.
Mill/Overlay Portion: The City is required to hold a public hearing on the
abatement of taxes and the public purpose it serves. The hearing will be
held on April 21, 2020. In addition, the amount of property taxes abated in
any year may not exceed (1) 10% of the net tax capacity (NTC) of the City
or (2) $200,000, whichever is greater. The greater calculation is 10% of
NTC. The City’s pay 2020 tax capacity is 21,859,873 and 10% would equate
to $2,185,987. This portion of the Bonds and other outstanding abatement
bonds (Series 2015B, 2016B, 2017B (a portion), and 2018B bonds) is
approximately $640,000/year, which is below the statutory maximum.
The Bonds will be general obligations of the City for which its full faith, credit
and taxing powers are pledged.
Term/Call Feature: The Bonds are being issued for a term of 16 years. Principal on the Bonds
will be due on February 1 in the years 2023 through 2036. Interest is payable
every six months beginning February 1, 2021.
The Bonds will be subject to prepayment at the discretion of the City on
February 1, 2029 or any date thereafter.
Bank Qualification: Because the City is expecting to issue no more than $10,000,000 in tax
exempt debt during the calendar year, the City will be able to designate the
Bonds as “bank qualified” obligations. Bank qualified status broadens the
market for the Bonds, which can result in lower interest rates.
Rating: The City’s most recent bond issues were rated by S&P Global Ratings. The
current ratings on those bonds are “AA+”. The City will request a new rating
for the Bonds.
If the winning bidder on the Bonds elects to purchase bond insurance, the
rating for the issue may be higher than the City’s bond rating in the event
that the bond rating of the insurer is higher than that of the City.
Basis for Recommendation: Based on our knowledge of your situation, your objectives communicated to
us, our advisory relationship as well as characteristics of various municipal
financing options, we are recommending the issuance of general obligation
bonds as a suitable financing option for the following reasons:
- This is the viable options available to finance these types of projects
under State law
- This is the most overall cost-effective option that still maintains future
flexibility for the repayment of debt
- This coincides with the City’s past practices to finance these types of
projects with this type of debt issue
Method of Sale/Placement: We will solicit competitive bids for the purchase of the Bonds from
underwriters and banks.
We will include an allowance for discount bidding in the terms of the issue.
The discount is treated as an interest item and provides the underwriter with
all or a portion of their compensation in the transaction.
If the Bonds are purchased at a price greater than the minimum bid amount
(maximum discount), the unused allowance may be used to reduce your
borrowing amount.
Premium Pricing: In some cases, investors in municipal bonds prefer “premium” pricing
structures. A premium is achieved when the coupon for any maturity (the
interest rate paid by the issuer) exceeds the yield to the investor, resulting
in a price paid that is greater than the face value of the bonds. The sum of
the amounts paid in excess of face value is considered “reoffering
premium.” The underwriter of the bonds will retain a portion of this reoffering
premium as their compensation (or “discount”) but will pay the remainder of
the premium to the City. The amount of the premium varies, but it is not
uncommon to see premiums for new issues in the range of 2.00% to 10.00%
of the face amount of the issue. This means that an issuer with a $2,000,000
offering may receive bids that result in proceeds of $2,040,000 to
$2,200,000.
For this issue of Bonds, we have been directed to use the net premium
increase the net proceeds for the project. The resulting adjustments may
slightly change the true interest cost of the issue, either up or down.
The amount of premium can be restricted in the bid specifications.
Restrictions on premium may result in fewer bids, but may also eliminate
large adjustments on the day of sale and unintended impacts with respect
to debt service payment. Ehlers will identify appropriate premium restrictions
for the Bonds intended to achieve the City’s objectives for this financing.
Review of Existing Debt: We have reviewed all outstanding indebtedness for the City and find that
there are no refunding opportunities at this time.
We will continue to monitor the market and the call dates for the City’s
outstanding debt and will alert you to any future refunding opportunities.
Continuing Disclosure: Because the City has more than $10,000,000 in outstanding debt (including
this issue) and this issue is over $1,000,000, the City will be agreeing to
provide certain updated Annual Financial Information and its Audited
Financial Statement annually, as well as providing notices of the occurrence
of certain reportable events to the Municipal Securities Rulemaking Board
(the “MSRB”), as required by rules of the Securities and Exchange
Commission (SEC). The City is already obligated to provide such reports for
its existing bonds, and has contracted with Ehlers to prepare and file the
reports.
Arbitrage Monitoring: Because the Bonds are tax-exempt obligations, the City must ensure
compliance with certain Internal Revenue Service (IRS) rules throughout the
life of the issue. These rules apply to all gross proceeds of the issue,
including initial bond proceeds and investment earnings in construction,
escrow, debt service, and any reserve funds. How issuers spend bond
proceeds and how they track interest earnings on funds (arbitrage/yield
restriction compliance) are common subjects of IRS inquiries. Your specific
responsibilities will be detailed in the Tax Certificate prepared by your Bond
Attorney and provided at closing. You have retained Ehlers to assist you
with compliance with these rules.
Investment of and Accounting
for Proceeds:
In order to more efficiently segregate funds for this project and maximize
interest earnings, we recommend using an investment advisor, to assist with
the investment of bond proceeds until they are needed to pay project costs.
Ehlers Investment Partners, a subsidiary of Ehlers and registered
investment advisor, will discuss an appropriate investment strategy with the
City.
Risk Factors: Special Assessments: We have assumed $595,000 of pre-paid special
assessments (40%) and we have assumed that assessments will be levied
as projected. If the City receives a significant amount of pre-paid
assessments or does not levy the assessments, it may need to increase the
levy portion of the debt service to make up for lower interest earnings than
the expected assessment interest rate.
Other Service Providers: This debt issuance will require the engagement of other public finance
service providers. This section identifies those other service providers, so
Ehlers can coordinate their engagement on your behalf. Where you have
previously used a particular firm to provide a service, we have assumed that
you will continue that relationship. For services you have not previously
required, we have identified a service provider. Fees charged by these
service providers will be paid from proceeds of the obligation, unless you
notify us that you wish to pay them from other sources. Our pre-sale bond
sizing includes a good faith estimate of these fees, but the final fees may
vary. If you have any questions pertaining to the identified service providers
or their role, or if you would like to use a different service provider for any of
the listed services please contact us.
Bond Counsel: Kennedy & Graven, Chartered
Paying Agent: Bond Trust Services Corporation
Rating Agency: S&P Global Ratings (S&P)
Summary: The decisions to be made by the City Council are as follows:
• Accept or modify the finance assumptions described in this report
• Adopt the resolution attached to this report.
This presale report summarizes our understanding of the City’s objectives for the structure and
terms of this financing as of this date. As additional facts become known or capital markets
conditions change, we may need to modify the structure and/or terms of this financing to achieve
results consistent with the City’s objectives.
Proposed Debt Issuance Schedule
Presale Review and Public Hearing on Abatement by City
Council: April 21, 2020
Due Diligence Call to review Official Statement: Week of April 27, 2020
Distribute Official Statement: Week of April 27, 2020
Conference with Rating Agency: Week of April 27, 2020
City Council Meeting to Award Sale of the Bonds: May 5, 2020
Estimated Closing Date: May 27, 2020
Attachments
Estimated Sources and Uses of Funds
Estimated Proposed Debt Service Schedule
Resolution Authorizing Ehlers to Proceed With Bonds Sale
Ehlers Contacts
Municipal Advisors: Stacie Kvilvang (651) 697-8506
Jason Aarsvold (651) 697-8512
Keith Dahl (651) 697-8595
Disclosure Coordinator: Silvia Johnson (651) 697-8580
Financial Analyst: Alicia Gage (651) 697-8551
The Preliminary Official Statement for this financing will be sent to the City Council at their home
or email address for review prior to the sale date
City of Hopkins, Minnesota
$8,585,000 General Obligation Bonds, Series 2020A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 20bps
Total Issue Sources And Uses
Dated 06/08/2020 | Delivered 06/08/2020
Improvements Equip Cert
Trails and
Mill/Overlay
(Tax Abate)
Issue
Summary
Sources Of Funds
Par Amount of Bonds $7,885,000.00 $225,000.00 $475,000.00 $8,585,000.00
Prepaid Assessments 595,000.00 --595,000.00
Other City Funds (2019A Bond Proceeds)461,000.00 --461,000.00
Total Sources $8,941,000.00 $225,000.00 $475,000.00 $9,641,000.00
Uses Of Funds
Total Underwriter's Discount (1.000%)78,850.00 2,250.00 4,750.00 85,850.00
Costs of Issuance 72,558.53 2,070.48 4,370.99 79,000.00
Deposit to Capitalized Interest (CIF) Fund 286,620.78 2,799.24 17,332.90 306,752.92
Deposit to Project Construction Fund 8,500,000.00 218,000.00 450,000.00 9,168,000.00
Rounding Amount 2,970.69 (119.72)(1,453.89)1,397.08
Total Uses $8,941,000.00 $225,000.00 $475,000.00 $9,641,000.00
Series 2020A GO Bonds - P | Issue Summary | 4/ 1/2020 | 11:37 AM
City of Hopkins, Minnesota
$8,585,000 General Obligation Bonds, Series 2020A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 20bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/08/2020 -----
02/01/2021 --122,227.92 122,227.92 122,227.92
08/01/2021 --94,425.00 94,425.00 -
02/01/2022 --94,425.00 94,425.00 188,850.00
08/01/2022 --94,425.00 94,425.00 -
02/01/2023 565,000.00 1.600%94,425.00 659,425.00 753,850.00
08/01/2023 --89,905.00 89,905.00 -
02/01/2024 570,000.00 1.650%89,905.00 659,905.00 749,810.00
08/01/2024 --85,202.50 85,202.50 -
02/01/2025 580,000.00 1.750%85,202.50 665,202.50 750,405.00
08/01/2025 --80,127.50 80,127.50 -
02/01/2026 590,000.00 1.850%80,127.50 670,127.50 750,255.00
08/01/2026 --74,670.00 74,670.00 -
02/01/2027 595,000.00 1.900%74,670.00 669,670.00 744,340.00
08/01/2027 --69,017.50 69,017.50 -
02/01/2028 610,000.00 2.050%69,017.50 679,017.50 748,035.00
08/01/2028 --62,765.00 62,765.00 -
02/01/2029 620,000.00 2.200%62,765.00 682,765.00 745,530.00
08/01/2029 --55,945.00 55,945.00 -
02/01/2030 625,000.00 2.250%55,945.00 680,945.00 736,890.00
08/01/2030 --48,913.75 48,913.75 -
02/01/2031 605,000.00 2.350%48,913.75 653,913.75 702,827.50
08/01/2031 --41,805.00 41,805.00 -
02/01/2032 620,000.00 2.450%41,805.00 661,805.00 703,610.00
08/01/2032 --34,210.00 34,210.00 -
02/01/2033 630,000.00 2.550%34,210.00 664,210.00 698,420.00
08/01/2033 --26,177.50 26,177.50 -
02/01/2034 640,000.00 2.600%26,177.50 666,177.50 692,355.00
08/01/2034 --17,857.50 17,857.50 -
02/01/2035 660,000.00 2.650%17,857.50 677,857.50 695,715.00
08/01/2035 --9,112.50 9,112.50 -
02/01/2036 675,000.00 2.700%9,112.50 684,112.50 693,225.00
Total $8,585,000.00 -$1,891,345.42 $10,476,345.42 -
Yield Statistics
Bond Year Dollars $80,206.40
Average Life 9.343 Years
Average Coupon 2.3580978%
Net Interest Cost (NIC)2.4651341%
True Interest Cost (TIC)2.4671002%
Bond Yield for Arbitrage Purposes 2.3449245%
All Inclusive Cost (AIC)2.5809682%
IRS Form 8038
Net Interest Cost 2.3580978%
Weighted Average Maturity 9.343 Years
Series 2020A GO Bonds - P | Issue Summary | 4/ 1/2020 | 11:37 AM
City of Hopkins, Minnesota
$8,585,000 General Obligation Bonds, Series 2020A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 20bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S
Fiscal
Total
06/08/2020 -------
02/01/2021 --122,227.92 122,227.92 (122,227.92)--
08/01/2021 --94,425.00 94,425.00 (92,262.50)2,162.50 -
02/01/2022 --94,425.00 94,425.00 (92,262.50)2,162.50 4,325.00
08/01/2022 --94,425.00 94,425.00 -94,425.00 -
02/01/2023 565,000.00 1.600%94,425.00 659,425.00 -659,425.00 753,850.00
08/01/2023 --89,905.00 89,905.00 -89,905.00 -
02/01/2024 570,000.00 1.650%89,905.00 659,905.00 -659,905.00 749,810.00
08/01/2024 --85,202.50 85,202.50 -85,202.50 -
02/01/2025 580,000.00 1.750%85,202.50 665,202.50 -665,202.50 750,405.00
08/01/2025 --80,127.50 80,127.50 -80,127.50 -
02/01/2026 590,000.00 1.850%80,127.50 670,127.50 -670,127.50 750,255.00
08/01/2026 --74,670.00 74,670.00 -74,670.00 -
02/01/2027 595,000.00 1.900%74,670.00 669,670.00 -669,670.00 744,340.00
08/01/2027 --69,017.50 69,017.50 -69,017.50 -
02/01/2028 610,000.00 2.050%69,017.50 679,017.50 -679,017.50 748,035.00
08/01/2028 --62,765.00 62,765.00 -62,765.00 -
02/01/2029 620,000.00 2.200%62,765.00 682,765.00 -682,765.00 745,530.00
08/01/2029 --55,945.00 55,945.00 -55,945.00 -
02/01/2030 625,000.00 2.250%55,945.00 680,945.00 -680,945.00 736,890.00
08/01/2030 --48,913.75 48,913.75 -48,913.75 -
02/01/2031 605,000.00 2.350%48,913.75 653,913.75 -653,913.75 702,827.50
08/01/2031 --41,805.00 41,805.00 -41,805.00 -
02/01/2032 620,000.00 2.450%41,805.00 661,805.00 -661,805.00 703,610.00
08/01/2032 --34,210.00 34,210.00 -34,210.00 -
02/01/2033 630,000.00 2.550%34,210.00 664,210.00 -664,210.00 698,420.00
08/01/2033 --26,177.50 26,177.50 -26,177.50 -
02/01/2034 640,000.00 2.600%26,177.50 666,177.50 -666,177.50 692,355.00
08/01/2034 --17,857.50 17,857.50 -17,857.50 -
02/01/2035 660,000.00 2.650%17,857.50 677,857.50 -677,857.50 695,715.00
08/01/2035 --9,112.50 9,112.50 -9,112.50 -
02/01/2036 675,000.00 2.700%9,112.50 684,112.50 -684,112.50 693,225.00
Total $8,585,000.00 -$1,891,345.42 $10,476,345.42 (306,752.92)$10,169,592.50 -
Series 2020A GO Bonds - P | Issue Summary | 4/ 1/2020 | 11:37 AM
City of Hopkins, Minnesota
$8,585,000 General Obligation Bonds, Series 2020A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 20bps
Detail Costs Of Issuance
Dated 06/08/2020 | Delivered 06/08/2020
COSTS OF ISSUANCE DETAIL
Municipal Advisor $54,000.00
Bond Counsel $11,500.00
Rating Agency Fee $12,500.00
Miscellaneous $1,000.00
TOTAL $79,000.00
Series 2020A GO Bonds - P | Issue Summary | 4/ 1/2020 | 11:37 AM
City of Hopkins, Minnesota
$8,585,000 General Obligation Bonds, Series 2020A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 20bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total
Assessments &
Utility Rev Levy/(Surplus)
02/01/2021 --122,227.92 122,227.92 (122,227.92)----
02/01/2022 --188,850.00 188,850.00 (184,525.00)4,325.00 4,541.25 525,043.98 (520,502.73)
02/01/2023 565,000.00 1.600%188,850.00 753,850.00 -753,850.00 791,542.50 522,367.98 269,174.52
02/01/2024 570,000.00 1.650%179,810.00 749,810.00 -749,810.00 787,300.50 519,691.99 267,608.51
02/01/2025 580,000.00 1.750%170,405.00 750,405.00 -750,405.00 787,925.25 517,015.98 270,909.27
02/01/2026 590,000.00 1.850%160,255.00 750,255.00 -750,255.00 787,767.75 514,339.98 273,427.77
02/01/2027 595,000.00 1.900%149,340.00 744,340.00 -744,340.00 781,557.00 511,663.97 269,893.03
02/01/2028 610,000.00 2.050%138,035.00 748,035.00 -748,035.00 785,436.75 508,987.97 276,448.78
02/01/2029 620,000.00 2.200%125,530.00 745,530.00 -745,530.00 782,806.50 506,311.97 276,494.53
02/01/2030 625,000.00 2.250%111,890.00 736,890.00 -736,890.00 773,734.50 503,635.98 270,098.52
02/01/2031 605,000.00 2.350%97,827.50 702,827.50 -702,827.50 737,968.88 500,959.98 237,008.90
02/01/2032 620,000.00 2.450%83,610.00 703,610.00 -703,610.00 738,790.50 498,283.97 240,506.53
02/01/2033 630,000.00 2.550%68,420.00 698,420.00 -698,420.00 733,341.00 495,607.97 237,733.03
02/01/2034 640,000.00 2.600%52,355.00 692,355.00 -692,355.00 726,972.75 492,931.96 234,040.79
02/01/2035 660,000.00 2.650%35,715.00 695,715.00 -695,715.00 730,500.75 490,255.97 240,244.78
02/01/2036 675,000.00 2.700%18,225.00 693,225.00 -693,225.00 727,886.25 487,579.95 240,306.30
Total $8,585,000.00 -$1,891,345.42 $10,476,345.42 (306,752.92)$10,169,592.50 $10,678,072.13 $7,594,679.60 $3,083,392.53
Significant Dates
Dated 6/08/2020
First Coupon Date 2/01/2021
Yield Statistics
Bond Year Dollars $80,206.40
Average Life 9.343 Years
Average Coupon 2.3580978%
Net Interest Cost (NIC)2.4651341%
True Interest Cost (TIC)2.4671002%
Bond Yield for Arbitrage Purposes 2.3449245%
All Inclusive Cost (AIC)2.5809682%
Series 2020A GO Bonds - P | Issue Summary | 4/ 1/2020 | 11:37 AM