Pittsburgh’s City Council has tabled a $91.7 million bond proposal aimed at saving about $3.6 million.
The package had consisted of nearly $46.9 million of general obligation Series 2011A bonds and $44.7 million of taxable Series B bonds. According to the Pittsburgh Tribune-Review, it did so at the request of finance director Scott Kunka, who said the costs of refinancing bonds originally issued in 2002 were unexpectedly higher.
“It is not in the best interests of the city at this time. Pricing of the transaction did not meet our standards,” Kunka told the council on July 27, the newspaper reported.
Moody’s Investors Service had assigned an A1 rating to the bonds. It affirmed the same rating, and negative outlook, to $631.2 million of parity rated debt outstanding.