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Edmonds sells Civic Park bonds at favorable rate

Interest cost to City lower than expected

 

November 7, 2019

City of Edmonds

Rendition of future Civic Park in Edmonds.

On the heels of the recent Standard & Poor's award of its highest, "AAA" credit rating to the City of Edmonds, City Finance Director Scott James said sale of bonds for the development of Civic Park exceeded expectations, with a favorably low interest cost offered by the winning firm, Raymond James & Associates.

Seven firms submitted bids, with Raymond James coming out on top by submitting the lowest True Interest Cost offer of 2.188672%.

This low bid coincided with another key piece of news – the Federal Reserve's decision to cut its bench mark interest rate by 25 basis points (.2...



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