Seguin council approves $144.6M CO authorization, budget amendments, contracts and zoning changes

The Seguin City Council on Wednesday approved a package of financing, budget and development items that included authorization to issue up to $144,600,000 in combination tax and limited pledge revenue certificates of obligation and a series of related ordinances and contracts.

In the meeting’s largest financial action, Samco and city bond counsel presented a second and concluding authorization that will allow staff to price and sell certificates next week within specified parameters. City staff and bond counsel said the city received a Standard & Poor’s AA rating and that the council’s action delegates final approval of sale terms to authorized officials. Staff said parameters capped issuance at $144,600,000, limited maximum interest to 6% and stated a maximum maturity through 02/01/2061; the amount was allocated in staff materials as $41,000,000 for general obligation projects and $103,500,000 for utility system projects. Council approved the authorization.

Council also approved two special-revenue budget amendments to fund preliminary engineering for Strumpel Road and to cover site-preparation costs for the downtown restrooms using ARPA and project balances. The council awarded a site-preparation contract for the downtown restrooms to Sullivan Contracting Services through the Choice Partners purchasing cooperative, for $136,809.57, and approved a related budget amendment.

Other items the council…