REPUBLIC, MO – Republic City Administrator David Cameron announced today the City has worked with Stifel, Nicholas, and Company, Inc. (Stifel) to refinance its debt saving Republic residents in excess of 1 million dollars. In July 2017, the City and Stifel began to review opportunities for improving the City’s cash position and reducing debt. In September, the City completed a bond rating review which resulted in an upgrade from an A to A+ rating for refinancing and received an upgrade from A+ to AA- for general obligation bonds. Based upon the upgrade, the Republic City Council voted to refinance the bonds, which were sold today, October 3, 2017, with a higher yield than originally anticipated.
David Cameron, City Administrator, issued the following statement: “This is significant win for our community, the Republic City Council and our staff. Council and staff have placed an emphasis into improving the City’s long-term financial stability for our community; this is just one of many steps toward that goal. It speaks to the changes we have made in our processes, financial management, and further signifies the overall positive changes that are taking place in Republic. All the savings generated today will be reapplied to the overall debt of the City to improve our overall debt position.”
Jeff Ussery, Mayor issued the following statement: “It truly is a new day in Republic! Over the last several months we have worked to not only improve our financial standing, but to also be transparent while doing so. This is a $1 million savings to the residents of Republic. We are truly looking to the future and cannot wait to see what is in store. The staff and council are working hard every day to make Republic even better. We will do that by continuing to focus on Processes, Relationships and Trust.”
Debbie Parks, Finance Director issued the following statement: “I am so happy for the Citizens of Republic in saving over a million dollars in taxpayer funds and reducing the overall City debt. Stifel has been instrumental in assisting the City in making this opportunity a reality.”
The City will complete the refinance at tonight’s City Council meeting. All financial information related to the refinance will be posted to the City’s website within 24 hours of completion.
Special Obligation Refunding Bonds Pricing Results
Stifel - Republic Financial Document
Individuals in the picture include front row, City Clerk Brenda Jackson and Mayor Jeff Ussery.
Back row includes City Administrator David Cameron, Finance Director Debbie Parks, Bond Counsel Mark Grimm and Martin Ghafoori, Stifel.