Anna council approves $85.5M certificates to fund police station, wastewater work; annexation and downtown incentives also move forward

The Anna City Council on July 8 approved the sale of up to $85,500,000 in combination tax and revenue certificates of obligation to fund a new police station and an expansion of the wastewater treatment plant, unanimously approved a voluntary annexation of about 808 acres at FM 455 and Cowen Road, and approved a downtown incentive package for restaurants and entertainment.

The certificates of obligation — Series 2025 — were priced July 8, with the city—s financial advisor reporting a 25-year financing at a fixed interest rate of 4.77%. Andre Ayala, the city's financial adviser with Hilltop Securities, told the council, "the final interest rate that we got here was 4.77%, and that is fixed for the entire term of the transaction." Ayala said the transaction generated a project fund deposit of $84,000,000 and that the par amount of the bonds will be $82,275,000, producing a premium of roughly $2,500,000.

Terry Doby, the city's budget manager, said the city modeled the sale conservatively and warned the council that "there is no way to issue $30,000,000 in debt without…