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Wenatchee Sells $48 Million In Bonds For TTC Debt Repayment

September 21, 2012

 

Buyers gobbled up 48

million dollars in long term bonds yesterday relating to debt service for the Town Toyota Center. The sale

closes the book on a nightmarish debt scenario hovering over the city of Wenatchee. 

"margin: 0in 0in 0pt">In the simplest terms, the bond seller went into the

marketplace yesterday and introduced bonds to sell, and were a hot ticket. Wenatchee Mayor Frank Kunz said

they were “spoken for” within an hour and a half. 

 
At one time there were eight

times the offers out there than there were bonds to sell. Kunz said all that interest allowed the city to

lower the interest rate of return, which ultimately saved the city up to 50K a year in repayment. The bond

sale should officially close a week from today

(Friday).