City of Sumner Awards Financial Services Contract to Webster Bank (November 2023)
City of SumnerCity · Sumner, WA- Disclosed value
- $4,334,000 (LTGO bond anticipation note principal; $0 bank fees; true interest cost 5.10%)
- From agendapacket
- Awarded
- Nov 27, 2023
The 30-second brief
Sumner awarded its $4.334 million Limited Tax General Obligation bond anticipation note for the Public Works Operations Facility to Webster Bank, locking in a 5.10% true interest cost with no bank fees. The note closed November 14, 2023 and matures no later than October 1, 2026, with an 18‑month call option.
Webster Bank holds this financial services contract with City of Sumner. Its other public contracts on record include work for Town of Wendell and Town of Greenwich.
Term as filed: From November 14, 2023 closing through maturity no later than October 1, 2026, with an 18‑month call feature.
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Contract details
- Contract type
- Financial Services
- Amount
- $4,334,000 (LTGO bond anticipation note principal; $0 bank fees; true interest cost 5.10%)
- Document date
- November 27, 2023
- Term
- From November 14, 2023 closing through maturity no later than October 1, 2026, with an 18‑month call feature
- Vendor
- Webster Bank
- Agency
- City of Sumner
- Source document
- City of Sumner AgendaPacket Study Session 2023-11-27 (AgendaPacket)
Webster Bank's other public contracts
More City of Sumner contracts
Questions about this contract
Who was awarded the financial services contract by City of Sumner?
Webster Bank was awarded this financial services contract by City of Sumner, as recorded on November 27, 2023. The contract value is $4,334,000 (LTGO bond anticipation note principal; $0 bank fees; true interest cost 5.10%).
How much is the Webster Bank contract with City of Sumner worth?
The Webster Bank contract with City of Sumner is valued at $4,334,000 (LTGO bond anticipation note principal; $0 bank fees; true interest cost 5.10%), covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in City of Sumner AgendaPacket Study Session 2023-11-27 (AgendaPacket), dated November 27, 2023 from City of Sumner. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Webster Bank hold?
Webster Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Sumner currently buying?
Explore City of Sumner's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.