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Belton delays sale of $17.7 million certificates of obligation one week citing market conditions
Summary
Council approved a resolution April 20 to delay issuance of up to $17.7 million in combination tax and limited revenue certificates of obligation until April 29 due to unsettled bond markets and a large issuance by the City of Georgetown.
The Belton City Council approved a resolution April 20 delaying action on an ordinance that would authorize up to $17.7 million in combination tax and limited revenue certificates of obligation. Finance staff asked for the delay after market conditions and a large bond issuance by the City of Georgetown created concerns about competitiveness.
Staff said the city originally planned to sell bonds earlier in April but postponed after their financial advisor recommended waiting. The adviser further recommended delaying one additional week so the city could avoid competing with a large triple‑A rated Georgetown issuance. The council authorized a special meeting and bond sale for April 29; staff said the sale will proceed on that new date regardless of market movement because the city needs to issue the bonds.
A councilmember moved and seconded the resolution to delay, and the council approved the delay unanimously.
