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Jersey Village sells remaining 2023 general-obligation authorization and certifies citizen petitions, moving bond election options to the August agenda
Summary
Council approved issuance of remaining 2023 bond authorization after a negotiated sale that produced $8.155 million in proceeds and accepted certification of two citizen petitions that met the 5% signature threshold, directing staff to bring bond-election ordinances to the August meeting.
The Jersey Village City Council on July 21 authorized issuance of remaining general-obligation bonds from the 2023 voter authorization and received citizen petitions that will trigger an election process for certificates of obligation or alternatively allow the council to pursue a general-obligation bond election.
Finance Director Jennifer Brown and municipal-finance advisors with BOK Financial summarized results of a negotiated sale of the remaining 2023 authorization. John Robock of BOK Financial told council the city sold $8,105,000 in bonds and received investor premium and other proceeds that generated total funds of $8,155,000. Robock reported an all-in true interest cost of 4.613% and said Standard & Poor’s had assigned a AA+ rating to the issue. He said the lower-than-expected interest rate reduced projected debt-service…
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