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FOR IMMEDIATE RELEASEDate: June 2, 2020Contact: David Rafter at 954-630-4207 (office) or 954-907-6757 (mobile)
OAKLAND PARK, FL…(June 2, 2020) -- The City of Oakland Park has announced the successful bond pricing for its $26 million in General Obligation Bonds. The 2020 bonds are the first financing phase for the $40 million G.O. bond referendum approved by 67% of the voters on November 6, 2018.
“This is an extremely positive affirmation of the direction Oakland Park is taking,” stated Oakland Park Mayor Matthew Sparks. “To receive such a strong response during these challenging times represents a tremendous showing of confidence from the financial industry.”
Oakland Park’s bonds will finance public safety, emergency service, transportation, recreation, library, municipal land, and buildings and facilities within the City. In conjunction with the bond issue, the City achieved an excellent rating of AA from Standard & Poor’s. The City’s strong investment grade generated overwhelming investor demand for the bonds. ‘AA’ rated bonds are considered to be “high grade” investment quality and demonstrate the very strong creditworthiness of Oakland Park.
In total, investors placed $66 million in orders for $26 million in bonds, which enabled Oakland Park to re-price the bonds at lower interest rates. The types of investors that placed orders for the City’s bonds include a national insurance company, municipal bond funds, institutional investors, broker/dealers, and retail managed accounts.
Oakland Park successfully priced its 20-year bonds at a total interest cost of 2.26 percent. The City also benefited from the strength of the tax-exempt bond market, pricing the bonds in a week when yields hit record lows.
The City’s financial advisor for the bonds was Dunlap & Associates, the underwriter was the Royal Bank of Canada, and the bond counsel was Mark Raymond, Esq.
Please contact the City’s Director of Financial Services Andrew Thompson at AndrewT@oaklandparkfl.gov or at 954-630-4203 to learn more.