The first tranche of the municipal bond has been oversubscribed! That means they've gotten offers to buy more bonds than they're selling at this time.
In a quite remarkable turn of events - the Mayor today reported that they have gotten offers to buy 16.5 million dollars in bonds.
That's 16.5 million dollars in offers - when the first tranche offering is for only ten million dollars.
It's a major sign of confidence - and a major boost for city hall - which now has the enviable task of picking who gets how much of the first tranche offering. The second tranche of 5 million is scheduled to be deployed next year.
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