The city of Chattanooga has priced more than $58 million of municipal bonds this week below 2.29 percent, or well below the previous bond rates of 3 to 4 percent. The issues priced Tuesday include a $36.3 million general obligation bond priced by Piper Jaffray at 2.287178 percent and another $22 million refunding bond priced by Piper Jaffray at 2.235486 percent.
City Finance Director Daisy Madison said the bonds will fund capital improvements in Chattanooga over the next couple of years and refinance current debt at a lower borrowing rate.