The city nearly missed a critical window to secure huge amounts of capital needed to pay for voter-approved infrastructure projects.
Anchorage’s finance bureaucrats pulled off a flurry of technical, but critically important tasks on a very compressed timeline in the last few weeks that culminated with $147 million being wired into city accounts on Thursday.
The sequence of events all hinged on the completion of the 2022 version of a dense financial report that the city is supposed to put out every year, the The bond rating agencies couldn’t rate the city without audited, up-to-date financial statements – the ACFR. But the city’s 2022 report was so late, Thern said it would only be current in the eyes of the rating agencies until July 28.
Thern said he prepped the bond rating agencies in advance with draft versions of the overdue financial report, and they were the first to get the final version on July 15. “The ratings help make the bonds more solvent, and as such, we get better pricing,” he said. “We could’ve sold bonds with no ratings, but they would’ve cost more money.”Thern said normally, bond sales take two to three weeks to close. His office did it in one.
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