First Southwest to get Dane County Bond Sale
March 15, 2007
Joanne Haas, Office of the County Executive (608) 267-8823
Madison – A Texas bank emerged as the lowest bidder of 11 financial institutions that competed for the sale of $29.3 million in Dane County General Obligation Airport Bonds, Dane County Executive Kathleen Falk said today.
First Southwest Co. of Dallas, Tex., submitted an interest rate for the 10-year term sale of 3.74 percent. The bonds will finance the expansion of the parking structure at the Dane County Regional Airport.
“This year’s bidders were close – very close – in their proposed interest rates for the sale of these bonds,” Falk said, noting 10 of the 11 submitted interest rates between 3.74 percent to 3.83 percent. “The low bid not only reflects the current market, but also Dane County’s consistent Aaa bond ratings from Fitch Ratings and Moody’s Investors Service.
“Because of our strong management, Dane County is one of two counties in the state with this credit rating – the best credit rating category available. It means Dane County gets the lowest interest rates when it borrows for the big projects. And that’s great for taxpayers.”
The Dane County Board of Supervisors is expected to approve the sale at the March 15 meeting.