Title
Presentation and discussion of issues relating to the sale of Certificates of Obligation, Series 2026.
Body
Summary:
At the May 5, 2026 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 2026, in the 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 Council Meeting that followed, Council adopted Resolution No 2026-05, authorizing publication of the City’s intention to issue Certificates of Obligation.
The City plans to proceed with the issuance of Certificates of Obligation, Series 2026 with the sale of the Certificates taking place the morning of July 7, 2026, the day of the Council Meeting. Mr. Robuck and Mr. Frels will be in attendance at the July 7, 2026 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 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
Discussion only in Workshop.