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Hewitt council approves notice to issue certificates of obligation; discusses refunding options
Summary
The Hewitt City Council voted 5-0 to publish a notice of intent to issue certificates of obligation up to $16 million and heard from financial advisers about a concurrent bond refunding that could save about $415,000 net if market conditions hold.
The Hewitt City Council voted 5-0 to approve Resolution No. 2025-03, a statutorily required notice of intention to issue certificates of obligation, a step that allows the city to proceed toward borrowing if it chooses.
The notice sets a not-to-exceed amount of $16,000,000 for possible borrowing; as City attorney Mr. Thomas told the council, “That doesn't mean that you're going to issue $16,000,000 but it is an amount, at this present time that we're looking at.” The resolution only authorizes publication of the notice; any final sale would come back to the council for approval.
Andrew Freeman, a financial adviser…
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