Chief Financial Officer Natwar M. Gandhi announced today that the District’s most recent debt issue generated orders from financial institutions in excess of three times the amount being offered, and the high demand allowed the District to obtain lower interest rates than anticipated. Including all costs of issuance the interest rate was 2.99 percent. In addition, two firms offered to buy all of the $29 million issue.

The District’s PILOT Revenue Bond Anticipation Notes Series 2010 (BANs) will fund public infrastructure including streets, sidewalks and other improvements in the Arthur Capper/Carrolsburg redevelopment area, along M Street, SE, between 3rd and 8th Streets.

When completed, the Capper/Carrolsburg area will include more than 1,900 units of low- and moderate-income and market rate housing, 50,000 square feet of retail space, and one million square feet of commercial space and a community center, at the Capper/Carrolsburg site,

Gandhi said, “This sale demonstrates, once again, the District’s strong financial base and the prudent management of its finances by the Mayor and City Council.”

An additional benefit of this bond sale is that in reviewing the Capper/Carrolsburg Anticipation Notes, Standard & Poors Rating services upgraded the Mandarin Hotel and Gallery Place TIF Projects ratings to “A” from “A-.”