Billings priced $5.36 million in unrated bonds Tuesday for a special improvement district in a competitive sale that drew only one bidder, D.A. Davidson & Co., at a true interest cost of 7.9658%.

The underwriter priced the Billings Special Improvement District No. 1385 bonds to yield between 5.4% for 2011 maturities to 8.2% for 2028 maturities, according to Thomson ­Reuters.

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