A stable home in Washington, D.C., for AGU and a firm foundation upon which worldwide communication in the geophysical sciences can continue to evolve have been assured by the successful issuance of tax-exempt District of Columbia municipal bonds. Approximately $11 million in lowinterest financing has recently been obtained by AGU through this bond issuance for the construction of the new headquarters. The building will have over 60,000 square-feet of floor space and will include a modern conference facility that will seat up to 300 people.
According to the bond underwriters, investors liked the AGU story and responded promptly to the offering. A large fraction of the bonds was sold within the first hour on September 15. Nearly 3% of the total purchase was by AGU members, an unusually high response level in the experience of the underwriters.