The City’s project involved the construction and installation of infrastructure necessary to facilitate high speed internet, video and telephone service in the City.
The City of Westminster sought the implementation of a $21 million taxable general obligation bond issue, the proceeds of which funded the costs associated with the project. Since the build-out of the project was expected to occur in multiple phases, with the timing of each phase dependent on the success of the immediately preceding phase, it was crucial that the City’s financing be structured with flexibility both in terms of draws on the credit facility and terms of repayment.
The City issued a competitive solicitation for direct bank financing for the project which is backed by the City’s full faith and credit. The culmination of our effort was the issuance by the City of its $21,000,000 Taxable General Obligations (Series 2015A).