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City financial adviser recommends parameter bond sale to preserve flexibility on refundings
Summary
Hilltop Securities senior managing director Jason Hughes told Coppell council the city can use a parameter bond sale to preserve flexibility in volatile markets and outlined refunding candidates, including a city GO parcel and a sales-tax revenue issue.
Coppell — Jason Hughes, the city—s financial adviser at Hilltop Securities, briefed Coppell City Council members during the July 22 work session on options for refunding existing debt and on the use of a parameter bond sale to allow flexible pricing amid market volatility.
Hughes described a parameter bond sale as an authorization that delegates final pricing to named officers so the city can execute a sale when market conditions meet stated parameters. "It just gives us maximum flexibility," he told the council.
Why the city is considering refundings
Hughes said the city has two currently callable issues that are candidates for refunding on a tax-exempt basis, subject to timing rules that followed the 2017 federal tax-law change that eliminated…
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