The Bartlesville City Council awarded a bid for the final series of bonds from the 2020 GO Bond election during its Nov. 20 special meeting.
The council received two bids for the final bond series of $6.9 million. The low bidder was Piper Sandler with a nine-year term and an interest rate of 3.437508%. According to Jericah Dawson with Municipal Finance Services, this interest rate will keep the City within its target 15 mil levy.
“It’s a higher rate than we’ve seen in some past years, but considering the current rate environment, that’s a very good rate,” Dawson said. ” Last year’s rate was 3.188%. … We’re positioned well today with the rates that we got.”
The bond series will mature $860,000 on Dec. 1, 2025 and $860,000 annually each year thereafter until paid, except the final payment of $880,000.
An ordinance authorizing actions necessary for the issuance and delivery of the 2023 bond series was also approved at the Nov. 20 meeting.