City delays maturation of municipal bonds
The city of Columbus is extending from 2 to 3 years the term to final maturity for investors on municipal bonds.
City auditor Hugh Dorrian says the move is related to the July 10th sale of a record 497 million dollars worth of capitol improvement
HD:The investment portfolio of the city typically runs about 1 billion-300 million dollars. We will have an additional -- at least -- 497 million maybe 500 million dollars conming into this portfolio, which will out the size up to a billion-8, a billion-9. We simply want more flexibilit, more opportunities to select maturities, because of the significant increase in the size of the portfolio. this in no way lessens the quality of the ingredients in the portfolio.
Dorrian says voters approved the bond sale 4 years ago. He says another bond issue will go before voters in 2013.