NEW MUNICIPAL PROPERTY CORPORATION BOND ISSUANCE ATTRACTS INVESTMENT COMMUNITY INTEREST

NEW MUNICIPAL PROPERTY CORPORATION BOND ISSUANCE ATTRACTS INVESTMENT COMMUNITY INTEREST. The bonds were issued to reimburse the City for the $41.5 million in funds used to purchase a 42-acre parcel of land, 37 acres of which is to be used for the ASU-Scottsdale Center for New Technology and Innovation. The bonds are available to the secondary market through Morgan Stanley - the low bidder. There were 12 bidders for the bonds-a strong indication of the interest from the investment community in holding Scottsdale bonds. This can be attributed to the City's sound fiscal policies, management and high credit ratings. The bonds carry an average interest cost to the City of 4.62% and were rated AA+ ratings by Fitch and S&P and Aa1 by Moody's.