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Waco council approves ordinance to proceed with sale of certificates of obligation amid volatile markets
Summary
Council approved an ordinance authorizing staff to move forward with a negotiated sale of certificates of obligation and delegated limited sale authority to staff and advisors; financial advisers reported strong ratings but cited recent market volatility and a 90-day window to complete the sale.
The Waco City Council on April 15 voted to approve an ordinance authorizing the city to proceed with the issuance of one or more series of combination tax and revenue certificates of obligation (COs) that will fund capital projects in the city's 2025 plan of finance. The ordinance was presented on first and final reading under Texas Government Code (referenced in the record as the legal authority for the parameters ordinance).
City Attorney Hamilton Carroll read the ordinance summary into the record. Staff and the city—s finance advisers told council the action authorizes publication of an offering document and allows the city and its underwriting team to market and, if conditions permit, price the bonds as soon as next week. The council approved the ordinance by recorded vote.
Blake Roberts of PFM, the…
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