General Obligation Bonds

As financial advisor for $1 billion general obligation consolidated public improvement and water/sewer bonds sold in 9 series from 1989 to 2007, Mr. O'Connell structured these general obligation bonds for public competitive sale (except when sold in conjunction with a refunding). Principal of and interest on 20-year public improvement bonds were paid from ad valorem taxes. Principal of and interest on 30-year water/sewer bonds were paid from special ad valorem taxes and front-foot benefit assessments collected on all benefitted property, and from water and sewer connection and service charges.

Pat O'Connell sized the issues, developed maturity schedules (including separate portions for short-lived equipment and road construction) and structured the bonds for public sale. Particular achievements included completely revising the issuer's disclosure materials to bring them into compliance with new standards; obtaining favorable optional redemption provisions (less than 10 years at par) with no interest-rate penalty; and receiving upgraded ratings of AAA from Standard & Poor's and Aaa from Moody's and a first-time rating of AAA from Fitch.