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Temple council authorizes notice for up to $53 million in certificates of obligation
Summary
The City of Temple voted unanimously to publish notice of intent to issue up to $53 million in combined tax and revenue certificates of obligation to fund mobility and facilities projects, public safety equipment and other capital needs; council set a May 15 ordinance date and a June 5 closing.
The Temple City Council voted 4-0 to direct publication of a notice of intent to issue combined tax and revenue certificates of obligation in an amount not to exceed $53,000,000.
City finance staff told the council the financing would support mobility projects, public facilities and public-safety items and be repaid using an IRS tax pledge. Miss Bernard, a city finance staff member, said the proposed program includes approximately $7.3 million for mobility projects and about $44.5 million for facilities work, including upgrades described as public-safety related. Bernard also listed a $1.2 million allocation to replace Fire Engine No. 2.
The resolution directs the finance director, the city’s financial adviser and bond counsel to prepare offering documents and apply to rating agencies. Bernard said bond ratings are scheduled to be received May 1, the ordinance authorizing the sale would be presented to council on May 15, 2025, and the city expects to close on the bonds June 5, 2025.
Mayor Pro Tem Tim Walker made the motion to approve the item; Council Member Pilkington seconded. The motion carried 4-0.
The council did not adopt the ordinance authorizing the sale at the March meeting; the action taken was limited to publishing notice and authorizing staff to complete sale preparations. The staff presentation noted the city’s financing plan favors phased funding and aims to limit immediate tax-rate impacts.
The financial adviser Dan Webb Miller and bond counsel Jacqueline Hale were present online to assist with technical questions, Bernard said.
