Sedona.Biz – The Voice of Sedona and The Verde ValleySedona.Biz – The Voice of Sedona and The Verde Valley
    Sedona.Biz – The Voice of Sedona and The Verde Valley Sedona.Biz – The Voice of Sedona and The Verde Valley
    • Home
    • Sedona
      • Steve’s Corner
      • Arts and Entertainment
      • Bear Howard Chronicles
      • Business Profiles
      • City of Sedona
      • Goodies & Freebies
      • Mind & Body
      • Sedona News
    • Opinion
    • Real Estate
    • About
    • The Sedonan
    • Advertise
    • Sedona’s Best
    Sedona.Biz – The Voice of Sedona and The Verde ValleySedona.Biz – The Voice of Sedona and The Verde Valley
    Home»Sedona News»Sedona City Council»City of Sedona Bond Sales Higher Than Expected
    Sedona City Council

    City of Sedona Bond Sales Higher Than Expected

    January 30, 2012No Comments
    Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest Email Reddit WhatsApp

    City of Sedona ArizonaSedona AZ (January 30, 2012) – On December 13, 2011, the City Council approved the refunding or refinancing of a portion of the City’s outstanding Excise Tax Obligations.  The City’s investment bankers, RBC Capital Markets, informed the City that the sale of the refunding bonds on January 25, 2012 exceeded the estimated net present value savings presented to Council.  The resulting savings on the sale of the bonds over their maturity life is $1,761,170, which equates to a present value savings in today’s dollars of $1,297,172.  This level of savings was well in excess of the minimum savings level approved by the City Council due to very favorable conditions in the bond market and strong demand for the City’s debt obligations.

    Over its history, the City has regularly reviewed its debt as compared to existing financial conditions and taken advantage of positive refinancing opportunities to reduce its debt payments and interest rates.

    In 1998, the City of Sedona issued $41,035,000 in Excise Tax Bonds for the purpose of financing the construction of wastewater extensions, improvements to effluent disposal methods and upgrades and changes to the operations of the wastewater plant.  In addition, a portion of the proceeds was used to refinance short-term bank loan debt that the City had incurred on the wastewater system improvements.  The refinancing completed this week was of a portion of the Bonds issued in 1998.

    Sedona Gift Shop

    This refunding also provides future flexibility because it allows for a future call date of July 1, 2021, at which time the City would be able to refinance the debt again, or repay the debt early.

    In association with issuing the refunding bonds, the City’s bond credit rating was also reviewed by Standard & Poor’s, one of the major credit rating agencies.  Based on their independent review of the City‘s financial credit and discussions with City staff, they maintained the “A” rating on the City’s Excise Tax Obligations.  Their report noted that the City’s “overall financial position is strong” and noted the solid reserves the City is maintaining during the current economic conditions

    For more information, please contact the City Manager’s office at 204-7127.

    Healing Paws

    This is an advertisement

    Comments are closed.

    Beatles Tribute at Blazin’ M

    I can honestly say, having grown up in the Bronx in the 60s, that if it had not been for the Beatles I most likely would have grown up to be a criminal or been killed in a violent gang war.

    Read more→

    The Sedonan
    House of Seven Arches
    Nampti Spa
    Mercer’s Kitchen
    Need More Customers?
    Bear Howard Chronicles
    Tlaquepaque
    Verde Valley Wine Trail
    Recent Comments
    • Jill Dougherty on Surreal Goes the World
    • Jill Dougherty on Mayor Censured – Won’t Resign
    • TJ Hall on “The Smell of Deportation in the Morning: A Dire Warning for America’s Future”
    • Tony T on Surreal Goes the World
    • JB on “The Smell of Deportation in the Morning: A Dire Warning for America’s Future”
    • Tony T on Mayor Censured – Won’t Resign
    • mkjeeves on “The Smell of Deportation in the Morning: A Dire Warning for America’s Future”
    • Jill Dougherty on Mayor Censured – Won’t Resign
    • Bill Norman on A DEEPER LOOK Western Gateway (aka the Cultural Park)
    • Skip Daum on Beatles Tribute at Blazin’ M Makes Beatlemaniac’s Dream Come True
    • West Sedona Dave on Surreal Goes the World
    • Tony T on Mayor Censured – Won’t Resign
    • Jill Dougherty on Mayor Censured – Won’t Resign
    • Jill Dougherty on Mayor Censured – Won’t Resign
    • JB on Mayor Censured – Won’t Resign
    Archives
    The Sedonan
    © 2025 All rights reserved. Sedona.biz.

    Type above and press Enter to search. Press Esc to cancel.