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Lake Jackson approves two 2025 bond ordinances totaling about $40 million
Summary
The Lake Jackson City Council on July 21 approved two first-and-final-reading ordinances to issue a combined roughly $40 million in municipal bonds for general projects and waterworks and sewer improvements. Council took voice votes after suspending the usual second-reading requirement.
The Lake Jackson City Council approved two bond ordinances on July 21, authorizing a combined issuance of roughly $40 million to fund capital projects and utility work.
The council adopted Ordinance No. 2303 authorizing the issuance of City of Lake Jackson limited tax bonds, series 2025, and Ordinance No. 2304 authorizing City of Lake Jackson Waterworks and Sewer System revenue bonds, series 2025. Council members moved and seconded suspension of the rules to allow each ordinance to be considered on first and final reading, then voted to adopt both ordinances.
Bond sale results presented to the council showed a competitive process. A city consultant reported that the winning bid on the limited tax bonds came from TD Securities with a true interest cost shown at roughly 4.165 percent and that the sale produced approximately $20,400,000 to place into the city’s construction fund. On the water and sewer revenue bonds, the consultant reported the winning bid came from R.W. Baird at approximately 4.37 percent.
“TD Securities came in with an aggressive bid,” the city’s presenter said, adding that the sale produced premium proceeds that increased the construction fund balance to match the propositions being financed. The presenter also described market volatility tied to recent tariff announcements and said the city does not attempt to “time the market” but instead proceeds when the financing need aligns with available funds and project schedule.
Council members asked routine questions about timing and bidder turnout. The consultant said bidders on municipal sales vary with market conditions and that the city expects to close the general obligation bond sale around Aug. 10. Council moved to suspend the second-reading requirement for each ordinance before voting to adopt.
Both ordinances were approved by voice vote after motions and seconds were made on the floor; the transcript records the council saying “aye” with no recorded opposition.
The approvals authorized the mayor and city officials to enter paying agent/registrar agreements and other documents related to the sales. The record shows the council authorized the bond issuances and related execution steps; no separate numerical vote tally was recorded in the meeting transcript.
The ordinances will enable the city to place the proceeds into construction and utility funds and move forward with the projects described in the related bond propositions.
