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Knoxville City Council Sells General Obligation Bonds

Posted: Tuesday, August 17th, 2010 at 6:26 am
Author: KNIA/KRLS News-Samantha Smith

The Knoxville City Council approved the sale of the General Obligation bonds at their meeting last night. Jenny Blankenship of Public Financial Management of Des Moines was on hand to explain the bidding process to the council. Blankenship stated that the city received a A1 rating by Moody’s Investors Service which ended up saving the city an estimated $58,000. The council approved the PFM recommendation of selling the bonds for $3,640,000 to UMB and Iowa State Savings Bank for the lowest true interest rate of 2.32%.