Title
Presentation and discussion of issues relating to the sale of Certificates of Obligation, Series 2025.
Body
Summary:
In the FY 2023-2024 budget, the City allocated funds to begin the design of a new municipal courthouse. Additional funds were further allocated in the FY 2024-2025 budget to complete the design work. At the January 7, 2025 Council Workshop, 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 for the issuance of the Certificates of Obligation, Series 2025, in the amount not to exceed $7,000,000.00 for the acquisition, construction and equipment of the municipal courthouse. The tentative schedule of events presented by Mr. Robuck included the sale of the Certificates of Obligation on March 4, 2025. Mr. Robuck and Mr. Jonathan Frels, from Bracewell LLP, will be in attendance at the March 4, 2025 workshop to present the results of the sale and to answer any questions related to this debt issuance.
Fiscal/Budgetary Impact:
Payment of the debt service and issuance costs related to the Certificates of Obligation will be funded by ad valorem tax revenues.
Recommended action
Discussion only in workshop.