Missoula County to begin selling bonds for construction of new public library
With its AA rating confirmed, Missoula County will begin selling bonds to finance the construction of the new library on Main Street, county officials said Friday.
Andrew Czorny, the county's chief financial officer, said S&P Global recently reaffirmed its AA rating for the issuance of the bonds, which go on sale to the public on Tuesday, Aug. 28.
“We anticipate a smooth issuance with our underwriters working aggressively to deliver the best possible interest rates in the market today,” Czorny said in a statement. “We are using the same team of bankers as we did on the very successful Fort Missoula Regional Park bond issuance.”
The $23.75 million in bonds will help cover the cost of design and construction of the library, along with furnishings and landscaping.
Voters approved the $30 million bond in 2016, which covers most of the $36.7 million project. The library and its partners broke ground on the new structure earlier this month.
Czorny said community interest in the bonds has been high, prompting county commissioners to asked the underwriters to provide a preferential order period for retail investors.
The agreement reached with the underwriting team allows for a priority sale on Aug. 28 until 4:00 p.m., followed by a sale to institutional buyers on Wednesday Aug. 29.
The bonds will be available in $5,000 increments, with a variety of maturities and fixed interest rates.
“Missoula residents can invest in a project they voted to put on their tax rolls, and all Montana residents can exclude the income from both gross federal and state taxation,” the county stated.
Those interested in purchasing the bonds can contact the following firms for more information:
Bank of America Merrill Lynch: Missoula office, 406-829-2440; Whitefish office, 406-863-1510; Billings office, 406-255-5500 or 800-937-0617.
D.A. Davidson and Co., 406-543-8244 or 800-332-1615.
Fidelity Capital Markets: 800-544-5372 or www.fidelity.com/newissuemunis.