Transaction Details

City of Decatur

Municipal

Placement Agent

Baird served as placement agent on the City’s $26,895,000 General Obligation Refunding Bonds, Series 2025 to currently refund the City’s outstanding General Obligation Bonds, Series 2014 and 2015.

As placement agent, Baird contacted over 25 banks, including national, regional and five local banks. The City received three bids, with interest rates ranging from 3.76% to 4.16%. The winning bid was a national bank that generated an all-in true interest cost that was 0.26% lower than the cover bid. This was also 0.19% lower than what we estimated could have been achieved in the public market.

The bond refinancing achieved $926,000 in gross debt service savings and $795,000 in present value savings (3.03% of the refunded par amount) for the City.