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City Moves Forward with Bond Refunding Following Positive Rating Reviews from Bond Rating Agencies

September 15, 2020

The City of Sandy Springs has received high credit ratings from Standard & Poor’s and Moody’s in support of the City’s $161.7 million Taxable Refunding Revenue Bonds Series 2020.  Moody’s maintains the Aaa rating on the City’s outstanding parity general obligation limited tax (GOLT) debt and the Aaa issuer rating.  Standard & Poor’s revised its outlook to positive from stable and affirmed its AA+ long-term rating.  Both Standard & Poor’s and Moody’s cited the City’s strong socioeconomic profile, consistent positive financial performance, ample reserves, and manageable fixed costs among the reasons for the confident ratings.

  

“We have taken great care and pride in managing the City’s finances in a disciplined and efficient manner,” said Sandy Springs Mayor Rusty Paul.  “Our strong fiscal management policies have enabled us to continue to enhance the quality of life for our residents while delivering a strong return on investment for all stakeholders within the city.  We are honored to again meet the highest standards of fiscal responsibility by both Standard & Poor’s and Moody’s.”

 

During meetings held on September 15, 2020, the Sandy Springs Public Facilities Authority and Sandy Springs City Council approved issuance of the City’s Series 2020 Refunding Revenue Bonds.  Earlier today, the City held a competitive bond sale receiving six bids from major investment banking firms with the winning firm, Wells Fargo Bank, NA, submitting a bid with a true interest cost of 2.27%.  The refinancing will save the City $16.675 million over the remaining 27 years of the bonds or approximately $623,000 annually beginning in FY 2022.

 

In 2015, in connection with the City Center project, the City of Sandy Springs Public Facilities Authority issued its Series 2015 Revenue Bonds on behalf of the City.  The City contracted with Davenport & Company LLC in November 2019 as its Financial Advisor.  They began to explore refinancing opportunities and assisted the City in early 2020 by preparing for possible refunding should a combination of short and long-term rates become favorable for refunding.  Disruptions in the marketplace in early March set the opportunity back until now.

 

The Series 2020 Bonds is expected to close in early October.

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