$10.6M Bond Sale Completed for Kalamazoo's Water Supply and Wastewater Systems

City of Kalamazoo successfully completes issuance of federal stimulus bonds for infrastructure improvement project

Jan 27, 2010, 09:10 ET from Leonard & Company

TROY, Mich., Jan. 27 /PRNewswire/ --The City of Kalamazoo's Water Supply and Wastewater Systems' $10.6 M bond transaction is complete.  Proceeds from the sale of the federal stimulus bonds will be used to acquire and construct additions, improvements, and extensions to both systems.  

The financing team for the bond offering was managed by the Mesirow Financial, Inc. office in Troy, MI, with Leonard Capital Markets, a division of Troy-based Leonard & Company, functioning as the selling group.  Warren Creamer of Robert W. Baird & Co. in Traverse City, MI served as the City's financial advisor.

"Leonard Capital Markets was pleased to partner with Mesirow Financial and the City to complete this important infrastructure financing. The bond issue was well received by investors, which is a reflection of the City's fine reputation as a quality municipal credit," said Thomas Enright, managing director of public finance, Leonard Capital Markets.

The bonds are designated as "Build America Bonds" under Section 54AA of the IRS Code of 1986.  Investors will receive a direct pay interest credit from the United States Treasury, equal to 35% of the stated interest paid on the bonds.  

"The City and I were very pleased with the pricing of the transaction, in what was a challenging pre-holiday market," said Warren Creamer.

About Leonard & Company

Celebrating its 20th anniversary, Leonard & Company is Michigan's largest full-service independent brokerage firm, a federally registered securities broker-dealer, an SEC Registered Investment Advisor, and a member of FINRA and SIPC. Headquartered in Troy, MI, Leonard & Company (www.leonardandcompany.com) is a regional investment firm providing full service brokerage services, with offices across Michigan and in Colorado, Florida, and New York.  

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Thomas M. Enright

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