Title
Consideration of and action on an ordinance authorizing the issuance and sale of the City of Deer Park, Texas, Certificates of Obligation, Series 2026; levying a tax and providing for the security and payment thereof; and enacting other provisions relating thereto.
Body
Summary:
At the May 5, 2026 Council Meeting, Council adopted Resolution No 2026-05, dated May 5, 2026, authorizing publication of the City’s intention to issue Certificates of Obligation for an amount not to exceed $7,160,000.00 for the design, construction, acquisition and equipment of water and sewer system improvements and the costs of professional services related thereto.
At the same meeting, the City's Financial Advisor, John Robuck, from BOK Financial Securities, Inc., and the City's Bond Counsel, Jonathan Frels, from Bracewell LLP, presented a financing plan and schedule of events.
The City plans to proceed with the issuance of Certificates of Obligation, Series 2026. The attached ordinance, which authorizes the issuance and sale of the certificates, is in draft form since the pricing of the certificates will take place the morning of July 7, 2026, the day of the City Council meeting. The pricing and other information will be updated and the final ordinance will be available prior to the meeting. Mr. Robuck and Mr. Frels will be in attendance at the workshop preceding this regular meeting to present the results of the sale and to review any questions on the legal documentation.
Fiscal/Budgetary Impact:
Payment of the debt service and issuance costs related to the Certificates of Obligation are payable from ad valorem taxes and from a limited pledge of a subordinate lien on the net revenues of the City’s waterworks and sanitary sewer system.
Recommended action
Approve the ordinance authorizing the issuance of the City of Deer Park, Texas, Certificates of Obligation, Series 2026.