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Friendswood council approves schedule for $20.5 million water and sewer revenue bonds
Summary
The City Council authorized the schedule for the Series 2025 Water and Sewer System Revenue Bonds to fund utility projects, moving the financing to rating calls and a sale with expected closing March 27; council discussion clarified the bonds are new money and will not refund earlier GO refunding issues.
Friendswood City Council on Monday authorized the schedule for a Series 2025 Water and Sewer System Revenue bond issue that staff and the city's financial adviser said will provide about $20.5 million for water and wastewater projects.
City Manager Murad Kabiri introduced the item and BOK Financial Securities representative John Robock presented market context and the financing plan, saying the proposed bonds would produce $20,500,000 in project proceeds and establish a required reserve fund of about $1,400,000.
Robock said municipal market volatility has affected rates and that the city’s bonds would sell as revenue bonds; he described a schedule of events that…
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