Town Council is preparing to issue its Installment Purchase Revenue Bonds, Series 2020 (the “Series 2020 IPRBs) to finance approximately $20 million of improvements to various Town owned facilities and infrastructure.  The Town plans to repay the Series 2020 IPRBs over a 25-year approximately level debt service basis. Click here to read the Installment Purchase Revenue Bond Series 2020 presentation by the Town Financial Advisor David Cheatwood of First Tryon Advisors. Based on the estimated current market rates, the annual debt service would be approximately $1.16 million/year and the all-in true interest cost is approximately 2.98%. As part of the financing process, the Series 2020 IPRBs were rated “As2” from Moody’s and “AA” from Standard and Poor’s. Click here to view the Moody’s rating letter; and, click here to view the Standard and Poor’s rating letter.    

On March 17, 2020, the Town will issue approximately seventeen million dollars ($17,000,000.00) of Installment Purchase Revenue Bonds through Wells Fargo.  Parties interested in purchasing bonds in the primary market should contact a Wells Fargo broker at 1-800-891-7702. For purchasing bonds in the secondary market, interested parties should task their broker to find those on the open market.