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San Angelo council authorizes up to $41.6 million in bonds for coliseum renovation; program set for long‑term lease
Summary
The City Council approved a negotiated sale of general obligation bonds to fund renovations at the San Angelo Coliseum and authorized a Chapter 380 economic development program that would grant the Stock Show and Rodeo Association an exclusive long‑term lease and responsibilities for capital overruns.
The San Angelo City Council on July 15 approved an ordinance authorizing the issuance and sale of up to $41,600,000 in City of San Angelo general obligation taxable bonds to finance renovations at the Coliseum on the San Angelo Fairgrounds and voted to establish the Coliseum renovation project as a program under Chapter 380 of the Texas Local Government Code to enable a long‑term lease to the Stock Show and Rodeo Association.
The bond sale was conducted as a negotiated transaction, Finance Director Tina Dierski told the council, and the city received a confirmed S&P double‑A rating and a Fitch double‑A plus rating. Vince Vial of Specialized Public Finance, the city’s financial adviser, said the effective interest rate for the taxable issue is 5.418 percent and that the sale will close Aug. 14, when the city will receive the proceeds. Vial said, “I was very pleased with the interest rate that we got.”
Council members and staff said the Chapter 380 arrangement…
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