NDOT says bond preliminary official statement complete; competitive sale scheduled next week
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Summary
NDOT staff told commissioners the department has prepared a preliminary official statement for its bond issuance, received a rating they described as "very strong," and expects a competitive sale next Thursday.
NDOT municipal finance staff reported that the department has completed a preliminary official statement for a bond issue and has received a favorable rating, with a competitive sale scheduled for next Thursday, the department’s municipal adviser said at the Jan. 17 meeting.
Lynn Heaton, who briefed the commission, said the preliminary official statement explains the use of funds, pledged revenues, and other details investors need. "We have received our bond rating, and it is a very strong rating," Heaton said. She added the department is "cautiously optimistic" about the sale.
Nut graf: The preliminary official statement and the rating are standard steps in public bond issuance; NDOT said it and its advisors will proceed to the scheduled competitive sale and remain available to answer commissioners’ questions.
Heaton closed by offering to take questions; no substantive follow‑ups were recorded.
Ending: The commission took no formal action at the briefing; commissioners received the update in informational form.