Palo Alto, CA – Palo Alto residents will be given first opportunity to purchase approximately $9 million of taxable certificates of participation (COPs), which have been designated “green bonds” by the City. The COPs will reimburse the City’s costs related to the Baylands Golf Links’ reconstruction project and refinance an outstanding lease payment obligation. The City Council approved the sale of the bonds at their regular meeting on April 16.
The COPs are rated AA+ by Standard & Poor’s and will tentatively go on sale May 3. They will be underwritten by Raymond James and will have maturity dates from 2018 through 2047. Residents should contact Raymond James on or prior to May 3 if they are interested in purchasing COPs or have questions. The COPs can be purchased in denominations of $5,000, with a minimum investment of $5,000.
In addition, S&P Global ratings has reaffirmed the triple A rating of the City’s general obligation bonds, which reflects the agency’s view of the City’s very strong economy, management, liquidity, and finances and low outstanding debt.
For more information on the sale of the COPs, click here and/or call Clinton Graves at Raymond James at (833) 450-1630.