While basking in the glow of a just-confirmed third triple-A rating, Summit, N.J., has sold $10.2 million of general obligation bonds at an interest cost of 5.60%.

According to Ronald J. Angelo, the city's chief financial officer, there were four bidders competing for the deal. A syndicate led by Ryan Beck & Co. won the offering. Chemical Securities Inc. provided a cover bid of 5.62%.

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