Ocean City issues bonds to fund construction & renovations

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Last week, town of Ocean City sold nearly $26 million worth of bonds. According to city officials, 11 prominent national underwriters competed for the bonds. Citigroup Global Market Inc. won the bidding, with a proposed interest cost to the town of just over 2.8%. The city plans to use the funding to finance the expansion of the Convention Center and to construct public works facilities and transit center.