City of Salisbury (Maryland)
Public Improvement Bonds of 2019
Wye River Group Served as the City of Salisbury’s Independent Financial Advisor for this Transaction.
Wye River Group was engaged by the City in 2019 following a Request for Proposals for Financial Advisory Services. Immediately following our engagement, we assisted the City with a general obligation bond issuance, the proceeds from which financed certain capital projects of the City.
The City’s financing was structured as Aa3/AA rated, tax-exempt municipal bonds sold via competitive, public offering on September 24, 2019. The City received bids from 9 municipal underwriting firms, the lowest of which produced a TIC bid of 1.93%. The bonds were amortized over a 15-year period to produce level annual debt service payments. The interest rates on the bonds are fixed for the term of the financing. The financing closed on October 8, 2019.