Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)
NORRISTOWN — The Montgomery County Commissioners issued $55 million in bonds this week to address some county infrastructure projects.
While it does not address every item on a long laundry list of infrastructure needs throughout the county, the issuance of the bond addresses a good part of those needs without increasing the county’s current debt service over the next decade, according to the county’s top money manager.
“The bond sale received strong interest from underwriting firms with 10 banks submitting aggressive bids,” said Uri Monson, the county’s chief financial officer.
The commissioners approved the bond ordinance last month. Monson said the bonds were sold through a competitive sale process via an online bid service. The winning bidder was PNC Capital Markets, with a True Interest Cost (TIC) of 2.39 percent. The reported difference between the lowest bid and the next lowest bid was .017 percent.
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