Denver readies $410 million GO bond sale

Denver is eyeing a $410 million general obligation bond sale next month that would tap $950 million of debt authorized by voters in November.

If approved by the city council in early February, the bonds from the Vibrant Denver program are expected to be sold competitively Feb. 18, according to a spokesperson for the city's finance department. The issue was unanimously approved this week by the city council's Finance and Business Committee.

The five-part bond proposition voters passed on Nov. 4 earmarked $441.42 million for transportation and mobility, $174.75 million for parks and recreation, $30.1 million for health and human services, $244.43 million for city infrastructure and facilities, and $59.3 million for housing.

The upcoming bonds would fund 58 projects and carry the Vibrant Denver program through 2027 when additional funding will be needed, according to a finance department presentation. The issue is structured with an estimated $217.5 million of tax-exempt bonds carrying a final maturity in 2050 and $192.5 million of taxable bonds with a final maturity in 2045.

HilltopSecurities is the deal's financial advisor, Kutak Rock is bond counsel, and Ballard Spahr is disclosure counsel.

Denver last sold GO bonds in 2024 with a nearly $269 million triple-A-rated issue, which tapped voter-approved debt authorization from 2017's $937 million Elevate Denver program and 2021's $260 million RISE Denver program.

The city ended fiscal 2024 with nearly $1.05 billion of outstanding GO bonds, according to its annual financial report.