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Sequim finalizes City Hall bond underwriter

June 14th, 2013 - 3:05am

(Sequim) -- Sequim has come a step closer toward a new city hall facility after they finalized their underwriter for the estimated $10-million dollars in bonds expected to fund the construction for the project.

D.A. Davidson & Company, with offices in Port Angeles, was selected as one of four firms vying for the market opportunity.

Since Sequim has not been involved with the bond market since the late 1990's, they have no current bond rating.

That will be addressed in an upcoming July meeting with Standard and Poors, where it is expected that the city will receive an "A" rating.

Bond ratings range from "AAA" at the top down to a "D". An "A" rating is the third highest rating issued by Standard and Poors.

'A' generally means a strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances.

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