Buffalo, N.Y. (WBEN) - Erie County has fulfilled its obligation for the new Highmark Stadium by completing a bond sale Tuesday. About 100 residents took up Erie County on the offer to buy bonds to help build the new Highmark Stadium.
Erie County Comptroller Kevin Hardwick said Monday those 100 people bought bonds, raising $2.7 million.
"We had a few other retail orders to come in, people that did not place their orders (until Tuesday)," said Hardwick.
Hardwick says the $2.7 million was about what he expected, and is pleased with that total.
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Tuesday was when the institutional investors began to invest in the bonds.
"When we look at the total, we've got over $200 million in orders in, and we're only looking to raise $125 million. So we're oversubscribed, which is good. Now it's a matter for our underwriters to go through, and figure out which orders to fulfill," Hardwick detailed.
Hardwick says underwriters are going to do what they feel is best for the county.
This process will happen between now and the closing date of Oct. 8.
"After the closing in Oct. 8, we'll have the $125 million in hand, and we'll continue to make payments to the Erie County Stadium Corporation until we've met our full obligation. And then Erie County, for most intents and purposes, will be out of the football business," Hardwick explained.