The city of Glendale recently completed the sale of $13.7 million in general obligation bonds and $22.72 million of water and sewer revenue obligations.
Glendale took advantage of historic low interest rates in the marketplace, achieving a net interest cost of 2.08% for the general obligation bonds and 2.78% for water and sewer bonds.
The Glendale City Council authorized the sale of the bonds to continue making improvements and updates to Glendale infrastructure including:
General obligation bonds
• Sahuaro Ranch Park improvements.
• Thunderbird Park improvements.
• O’Neil Park splash pad.
• Heroes Regional Park Lake.
• Storm drains.
• Street reconstruction (Glendale Avenue from Loop 101 to El Mirage Road) and Bell Road (51st to 59th avenues).
Water and sewer
• Cholla Water Treatment Plant.
• Pyramid Peak Treatment Plant.
• West Area Reclamation Facility.
• 91st Avenue Wastewater Treatment Plant.
• Sewer line rehabilitation.
The city’s excellent credit ratings attracted strong investor interest including purchases from J.P. Morgan Asset Management, U.S. Trust Company, Nuveen Asset Management LLC, Blackrock Financial Management, Northern Trust and Franklin Fund. The latest rating reports cited the city’s economic growth, budget stability, very strong reserve levels and liquidity, supported by a strong framework of financial management among its credit strengths.
“The sale of these bonds allows the city to continue moving forward with investments in our infrastructure, including parks, streets, water treatment and distribution systems, as well as sewer lines,” said Budget and Finance Director Lisette Camacho. “Even more importantly, it demonstrates Glendale’s commitment to protecting the health and safety of Glendale residents, while improving their quality of life.”
RBC Capital Markets served as the financial adviser on the bonds.