AGENDA #14

 

MEMORANDUM

 

TO:                  Mayor and Town Council

 

FROM:            W. Calvin Horton, Town Manager

 

SUBJECT:       Final Approval of Bond Sale

 

DATE:             February 28, 2000

 

The attached resolution prepared by the Town’s bond counsel would give the Council’s final approval to $4.7 million in General Obligation bonds sold on February 15, 2000.

 

The resolution would accept the lowest bid submitted by Wachovia Bank at an average interest rate of 5.2895%.  The rate was .7305% less than the Municipal Bond Index on February 15, which is the average of all municipal bonds sold nationwide.

 

RECOMMENDATION

 

That the Council adopt the attached resolution prepared by the Town’s bond counsel.