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Ingleside council authorizes notice of intent to issue certificates of obligation, reimbursement resolution and sufficiency letter for wastewater plant
Summary
The Ingleside City Council approved a series of financing steps — a notice of intent for certificates of obligation, a reimbursement resolution and a sufficiency letter to the Texas Water Development Board — to secure funding for a planned wastewater treatment plant.
The Ingleside City Council approved a package of financing measures to keep a wastewater treatment plant project on schedule, voting to publish a notice of intent to issue certificates of obligation, adopt a reimbursement resolution, and send a letter to the Texas Water Development Board confirming the city has or will have sufficient funds.
Financial advisers and city staff told the council that the city needed to begin the certificates of obligation (CO) process to lock in available bid pricing and avoid rebidding amid volatile construction markets. Andrew Freeman of Samco Capital Markets outlined a timetable: publish the notice for two consecutive weeks, consider sale of obligations on June 10 and close funding by June 25, which aligns with bid-acceptance deadlines.
Council voted to adopt Resolution 2025-10 (notice of intention to issue certificates of obligation) and Resolution 2025-11 (reimbursement resolution) and approved a city letter to the Texas Water Development Board providing sufficiency of funds for the CWSRF project. The council recorded unanimous affirmative votes on the resolutions and the sufficiency letter.
City staff explained the city will temporarily use available reserves and other on-hand bond proceeds to enter the construction contract and then reimburse those expenditures from the CO proceeds once the issuance closes. The reimbursement resolution documents that intent for IRS and state-purpose compliance.
City staff said project cost estimates had increased since the project was first scoped in 2018 and that combining available reserves, prior bond proceeds and the CO issuance provides the funding package needed to proceed. Council members emphasized the value of the city’s reserve tool and praised the management for moving the project forward without rebidding. The council approved the three actions to preserve the bid and move the plant toward construction.
