The City of Mountlake Terrace will be entering the bond market next Tuesday, Oct. 16, with a $5.1 million water and sewer revenue bond, the proceeds of which will be used to fund capital improvements for water, sewer and storm water utilities over the next two years.
The bond sale will take place following expected City Council approval of the action at their council meeting Monday evening.
The bond proceeds will be used to fund utility capital improvements, including the construction of a Regional Storm Water Detention and Water Quality Facility, and major upgrades to water mains, including the Town Center Water Main along 56th Avenue West between 230th and 236th Streets Southwest.
The tax-exempt bonds to be sold by Piper Jaffray & Co. Maturities range from one to 20 years. Bonds will be sold very early Tuesday morning (before 9 a.m.). Citizens are urged to call on Monday if they have interest in making any bond purchases. Bond rates won’t be set until early Tuesday.
More information is available by calling James J. Dotzman, Managing Director, Piper Jaffray & Co. at 888-527-5339, or via email at James.J.Dotzman@pjc.com. Additionally, citizens may contact their own investment consultants and ask them to contact Piper Jaffray & Co.
The City achieved a high “AA” bond rating from Standard and Poor’s, which indicates the city is a quality borrower with very strong capacity to meet its financial commitments.