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Bonds went on sale the morning of July 25, 2013 to raise capital for the new Sequim City Hall and Police Station. The sale of the bonds went better than expected as all of the bonds were sold at a blended interest rate of 4.53%. The City will receive $10,439,000 in proceeds from the sale and will stay within the established annual debt service limit of $660,000. Locally, both First Federal and Sound Community Banks were active purchasers in the sale.
“The AA- rating that the City received by Standard & Poor’s was critical in getting the bonds sold quickly and at these good rates,” said City of Sequim Administrative Services Director Elray Konkel.
Representatives from the City of Sequim met with analysts from Standard & Poor’s in San Francisco on Friday, July 12, 2013 in a two hour presentation on the City’s management structure, financial policies, financial history, and current financial status. The analysts recommended the AA- rating to a national review panel based on the presentation.
The Sequim City Council recently approved three design and construction teams to submit their designs for the new City Hall and Police Station. The designs are expected to be complete in the fall, and Sequim citizens will have an opportunity to provide input prior to a final decision on which team will be awarded the project. Construction is expected to begin in early 2014 and be completed in 2015.
Please contact City Manager Steve Burkett at 681-3440 or firstname.lastname@example.org with questions.