Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Frisco council approves notice to issue $90 million in certificates of obligation for parking, utilities
Summary
The Frisco City Council voted 6-0 to publish notice of intent to issue certificates of obligation totaling $90 million — $70 million for a parking garage tied to the Fields development and $20 million for water, sewer and streets — with a parameters ordinance scheduled for March 18.
The Frisco City Council voted 6-0 Tuesday to publish notice of intent to issue certificates of obligation totaling $90 million to fund a parking garage and water, sewer and street work in north Frisco.
Derek Hahn, the city’s chief financial officer, told the council the notice covers a $70 million parking garage linked to the Fields development in Frisco’s northern quadrant and $20 million for water, sewer and street infrastructure tied to Economic Development Corporation property and the Firefly development. Hahn said the notice will be published twice in the newspaper and that a parameters ordinance would return to council on March 18.
Councilmember Bill moved to approve the notice; Councilmember Tammy seconded. The motion passed 6-0.
Hahn said the March 18 ordinance will set financing parameters and authorize the sale under those parameters; no sale amount or interest-rate assumptions were specified at the meeting. The notice itself does not obligate the city to issue the debt but clears the way to begin the statutory publishing and ordinance process required under Texas law.
The council’s action Tuesday was procedural: publishing the required notice and scheduling the parameters ordinance. Hahn answered questions from council and offered to follow up on any financing specifics when the parameters ordinance is brought forward.
No public hearing or formal bond sale occurred at the meeting; councilmembers did not identify a timeline for closing once the parameters ordinance is adopted.
Votes at the meeting were recorded as 6 in favor, 0 opposed.
