By Patrick Sheridan
The Gunnison County Housing Authority in Colorado will sell approximately $118 million of municipal bonds to fund a residential construction project near the Town of Crested Butte.
The Series 2025 General Revenue Bonds include serial bonds with maturities ranging from 2027 to 2045, and four term bonds that mature from 2047 to 2059, according to documents posted Tuesday on MuniOS.
Pricing is scheduled for April 15 with closing set for April 29. Interest on the bonds is payable semiannually starting on June 1, and again on Dec. 12.
Proceeds will primarily be used to build Whetstone Village, which will be comprised of 252 multi-family housing units across 23 structures, which will feature both market rate and income restricted apartments. The development "will offer a blend of modern amenities and mountain charm," according to a website for the project.
The bonds are payable from revenue received by the authority from the county.
S&P Global Ratings assigned the bonds a rating of A+.
"The rating on the bonds is two notches lower of our view of the county's general creditworthiness to reflect the moral obligation of the county to appropriate funds to replenish any deficiencies in the debt service reserve fund," S&P Global Ratings credit analyst Daniel Golliday said on March 21.
Northland Securities is the underwriter on the sale.
Write to Patrick Sheridan at patrick.sheridan@wsj.com
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(END) Dow Jones Newswires
April 02, 2025 18:32 ET (22:32 GMT)
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