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Odessa council approves notice to issue up to $40.5M in certificates of obligation for sports complex project
Summary
Council authorized publication of a notice of intent to issue certificates of obligation of up to $40.5 million to help fund a proposed $130 million Odessa sports complex; staff said $90 million is expected from reserves and other local sources, with COs covering the balance.
The Odessa City Council on May 20 authorized publication of a notice of intent to issue certificates of obligation up to $40,500,000 to help fund a proposed Odessa Sports Complex, a large multi-field tournament venue planned for the Parksville Ranch area.
Hilltop Securities financial adviser George Williford presented the proposed financing timetable and terms, describing a direct placement structure with Frost Bank. Williford said the lender placement would carry a stated final maturity in 2036 with a financing structure that includes two interest-only years during construction (2026–2027) and principal amortization beginning…
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