The screens that normally capture the Verona Town Council meetings were tuned instead today to a competitive, electronic auction for $10.48 million in general obligation bonds for Verona. Bidding opened at 2.88%, which thrilled Dee Trimmer, Verona’s financial officer, who had been hoping for an open of at least 3.5%. Earlier this week, Standard & Poor’s assigned a ‘AA’ rating and stable outlook to Verona on the offering.
Four bidders jockeyed more than a dozen offers, and when the action closed, the lowest bid on the board was 2.754% from UBS Financial. The difference between the highest bid and the lowest represented a savings of about $550,000 for Verona. “I am ecstatic,” said Trimmer.
