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Committee hears first-reading item on $107 million general obligation bond issuance
Summary
City Treasury staff presented an ordinance to register and levy ad valorem tax for repayment of a proposed General Obligation Bonds Series 2025A; a competitive sale is scheduled and the council will consider award and second reading next week.
Chet Becker of the City of Tulsa Treasury Department explained an ordinance on the agenda that would provide for registration of general obligation bonds and authorize the city to levy an annual ad valorem tax for repayment of principal and interest on the bonds. Becker said the bond sale (General Obligation Bonds Series 2025A) is scheduled for a competitive sale on the 17th and that the committee previously approved a resolution authorizing the sale on Aug. 27. He said he will return to the council with a resolution to approve the sale results following the competitive offering.
Becker described the item as a procedural measure for first reading; the ordinance will appear for second reading next week in conjunction with a resolution awarding the bonds. Committee members asked no substantive questions during the presentation.
The committee did not take a final award action; the competitive sale and a council resolution to approve the award are scheduled for the council meeting on the 17th.
