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By NANETTE LoBIONDO GALLOWAY
MARGATE – Refinancing more than $15 million in bond anticipation notes has provided the city with a $141,977 premium and reduced interest costs for the 2022 municipal budget, Chief Financial Officer Lisa McLaughlin said Dec. 2.
The bond sale held Thursday morning before the meeting, produced five bidders competing to purchase the bonds at the lowest possible interest rate.
McLaughlin said Piper Sandler and Co. was the winning bidder with its 1.4% coupon rate. With the premium offered, the net interest cost to the city after deducting the premium will be .315%, or $48,117 she said.
“Had it been a week sooner, the rate would have been .4%,” she said.
“Everything in life is timing,” Mayor Michael Becker said.
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