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Council approves notice of intent for $32 million certificates of obligation
Summary
City council approved a resolution giving notice of intent to issue up to $32 million in combination tax and revenue certificates of obligation to fund capital items and improvements; publication and timing requirements were discussed.
The Copperas Cove City Council on June 3 approved a resolution authorizing publication of a notice of intent to issue up to $32 million in combination tax and revenue certificates of obligation, the first formal step required before the planned August issuance.
The step is required by state law and begins the process to fund capital projects and associated issuance costs included in the city’s 2025 certificates of obligation program.
Arianna Beckman, the city’s director of budget, told council the city has been coordinating the issuance timing with the city’s financial adviser and bond counsel and that the notice and related documents were prepared in compliance with the Texas Local Government Code. Beckman said the first publication must appear at least 46 days before the planned issuance and that the documents would be published once weekly for two consecutive weeks in the local newspaper and posted to the city’s website. Glenn Opel of the city’s bond counsel drafted the notice and was available on the meeting’s Zoom call.
Beckman presented a list of capital items and capital improvement projects to be funded through the issuance and noted the total proposed amount of $32,000,000. Council member Dale Treadway moved to approve the resolution; Christina Strophas seconded. The motion carried on a voice vote.
