The City of White House City Council on July 22 voted unanimously to adopt an ordinance authorizing the issuance and sale of up to $15,500,000 in Combination Tax and Revenue Certificates of Obligation, Series 2025, to pay for capital projects including utility system improvements, a public safety facility, city hall and council chambers improvements, and park work.

City staff said the city opened sealed bids July 22 and received four proposals. Paul Jason of Specialized Public Finance, the city’s financial advisor, told council the low bid produced a fixed interest rate of 4.57 percent and that the lower-than-estimated rate is expected to save about $600,000 in debt service over the life of the bonds, roughly $30,000 per year. Staff recommended awarding the bond sale to the winning bidder referenced in the presentation, and council authorized the issuance by roll-call vote.

The action follows a capital improvement planning process begun in 2022. Leslie Black (staff member) told council the city previously authorized $15.5 million as a not-to-exceed figure so staff could structure bids to achieve an aggressive financing package; the city intends to deposit $15,000,000 into the construction fund at closing. Jason said the city’s AA credit rating supported the competitive bidding results and that the debt is callable in about nine-and-a-half years.

Council discussion thanked staff for advance planning and accepted the recommended award. A roll-call recorded five affirmative votes and the motion carried unanimously.

The city’s ordinance and presentation note the anticipated closing date is August 21, 2025, and that the structure was designed to avoid a tax-rate increase using available fund balance in the debt service fund. Specific contractor/underwriter names and final use-of-proceeds accounting will be finalized at closing and are included in council packet materials.

The financing will proceed under the ordinance adopted July 22; closing and disbursement of construction funds will follow established public finance procedures.

Sources: presentation to council by Paul Jason, Specialized Public Finance; staff remarks by Leslie Black.