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City selects bond partner for 13th Street Project

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Daily Press Staff Writer
Though it is contingent upon the city having their A+ rating reinstated on their 2009 bonds by Standard & Poor’s, the Artesia City Council moved one step toward issuing roughly $7 million in bonds for the first phase of the 13th Street Infrastructure Project Tuesday night. After contemplating various sale options, the council unanimously agreed to partner with the Bank of Albuquerque for the bonding process.
Before the council made a decision, Erik Harrigan, vice president of municipal banking in the United States for RBC Capital Markets, gave a brief presentation to the council. Harrigan had previously discussed potential sale options with the council during their April 9 meeting, and in the weeks that followed, he and RBC gathered information, projected rates and responses from local, regional and national banks as well as underwriters and the New Mexico Finance Authority. … For the rest of the story, subscribe in print and on the web.

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