West Bloomfield Township Building Authority Completes $1.6 M Tax Exempt Municipal Bond Sale

TROY, Mich., April 13 /PRNewswire/ -- West Bloomfield Township Building Authority has completed a $1,645,000 tax exempt municipal bond sale. The proceeds of the Bonds will be used to refund the May 1, 2011 and the May 1, 2012 maturities of the Building Authority's 1997 Building Authority Bonds for the West Bloomfield Public Library, dated November 1, 1997, and to pay associated costs of issuance on the Bonds.  The placement agent was Leonard Capital Markets, a division of Leonard & Company, Michigan's largest full service independent brokerage firm. Mike Gresens of Thrun Law Firm in East Lansing, MI served as bond counsel.

The average interest rate on the last two payments on the 1997 bonds was 5.92%.  The average rate on the new bonds is 1.11%.  The dollar savings to the Library on its final two bond payments is over $50,000.    

"We are grateful for the efforts of our financing team - the Township was able to move quickly to benefit from lower interest rates, saving the Township over $50,000," said Cathy Shaughnessy, West Bloomfield Township Clerk.

"With West Bloomfield Township's extremely strong credit rating, the bond sale went smoothly and was completed in a matter of weeks," said Jack Brusewitz, senior managing director, public finance, Leonard Capital Markets.  

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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Jack Brusewitz

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SOURCE Leonard & Company