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Council approves parameters for $144 million utility refunding bond authorization in first reading and public hearing
Summary
New Braunfels Utilities and city finance staff asked council to approve a parameter order to authorize refunding commercial paper and potentially refund 2015 and 2016 series bonds. Council approved the parameter authorization by recorded vote; staff explained the approval gives flexibility to time issuances within a six‑month window to capture
The City of New Braunfels and New Braunfels Utilities presented a proposal May 12 to authorize issuance of up to $144 million in Utility System Revenue Refunding Bonds, Series 2025, to refund outstanding commercial paper and potentially refund 2015 and 2016 bond series for interest‑rate savings. Council approved the parameters for the issuance in a recorded vote during the meeting.
Why it matters: The authorization would allow the city and NBU to refinance short‑term commercial paper at lower, long‑term rates and capture potential savings on older bond series if market conditions are…
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