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The City of Sequim will receive $3.3 million in proceeds from the sale of water and sewer utility bonds that occurred on December 18, 2014. The funds will be used to finance the utility related portion of the design and construction of the new Civic Center. The transaction closed on December 30, 2014.
The interest on the bonds is fixed, but will vary from year to year between 3% and 4%. The annual debt service is $230,000 and will be shared by both the water and sewer utilities at $115,000 each, beginning in 2015. The bonds will mature in twenty years in 2034.
The City received an A+ rating by Standard & Poor’s for the utility bond sale. The positive rating was based on many factors including the utility’s stable and diverse customer base, ample operational capacity to meet demand, and a strong liquidity position that the City will maintain.
“The high credit rating contributed to the successful sale of the bonds, allowing the City to take advantage of record low interest rates to finance this portion of the Civic Center facility and still keep our utility fund balances at very healthy levels,” said City Manager Steve Burkett.
The Sequim City Council approved the sale of the bonds on November 24, 2014 at the Sequim City Council meeting.
The new Civic Center will include the Police Station, City Hall, and Community Plaza and is scheduled for completion mid-year 2015.
Please contact City Manager Steve Burkett at 681-3440 or email@example.com with questions.