Palo Alto Residents Have First Priority on Bond Sale by City
Palo Alto residents who submit orders on the sale date will be given first opportunity to purchase approximately $38 million of tax-exempt and/or taxable Certificates of Participation (COPs) bonds in two series. Proceeds of the bonds will be used to finance the construction of the California Avenue Parking Garage. The City Council approved the sale of the bonds at their regular meeting on Oct. 15, 2018.
The COPS are rated AA+ by Standard & Poor’s Global Ratings, the highest possible rating for this type of debt obligation. The COPs tentatively go on sale Feb. 26, 2019 by the City’s underwriter, Stifel, Nicolaus & Company, Inc., and have maturity dates ranging from 2019 to 2048. The interest rates will be set by maturity on the day of the sale.
Standard & Poor’s has also reaffirmed the City’s AAA rating for the City’s general obligation bonds. This rating reflects the City’s stable outlook, management policies and practices, and strong financial performance.
Click this link here to review the preliminary official statement. For more information on how to buy the COPs during the order period, please contact David Fleming of Stifel, Nicolaus & Company, Inc., at (415) 364-7803 or reach out directly to your Stifel advisor.
Last Updated: February 20, 2019