DALLAS — Citigroup won the bid on $50 million of Tulsa, Okla., general obligation bonds Jan. 30 with a true interest cost of 3.2008%, according to Municipal Market Data.
The bonds maturing through 2034 carry ratings of AA from Standard & Poor's and Aa1 from Moody's Investors Service. The dollar bid was 102.6305. The competitive sale drew eight bidders.
The city plans to use the proceeds for its street projects.
Voters in November approved a record $918.7 million bond package by wide margins.
Proposition 2, which included a $563.7 million extension of a 1.1 cent sales tax, passed with about 70% approval. Proposition 3, providing $355 million for road construction and repair, won with about 72% of the vote.
With a population of 391,906, Tulsa is Oklahoma's second-largest city behind the capital Oklahoma City. The city's net assessed value has increased by an average of 2.3% annually since fiscal 2009 to $3.2 billion, according to Standard & Poor's. The city expects at least $10 million in new construction to be added to the tax base in 2014.
Market value is $71,111 per capita, according to S&P.
