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.
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).