McKinney council approves notice of intent to issue $30 million in certificates of obligation for library and Impact renovations

The McKinney City Council on Jan. 21 approved a resolution authorizing publication of notice of intent to issue certificates of obligation totaling approximately $30,000,000 to finance renovation and improvement projects at city library facilities and at Impact (an existing facility referenced in the staff presentation).

Mark Holloway, the city’s chief financial officer, told council the package is planned as part of the fiscal‑year 2025 bond sale process. He said the city anticipates a 20‑year amortization with level debt service and noted key dates: a parameters authorization expected at the March 18 meeting to set not‑to‑exceed amounts and designate pricing officers; bond ratings in late April; two sales on May 20–21; and a closing on June 17.

Holloway summarized current ratings: Standard & Poor’s general‑obligation rating was affirmed at AA; Moody’s had assigned AAA for the city’s general obligations and certificates of obligation, and water/wastewater debt has an AA1 affirmation by Moody’s. He asked council to move forward with the notice of intent so staff can proceed with the timetable.

A council member moved and another seconded the motion to publish the intent to issue. The motion passed on a voice vote.

Why it matters: The action begins a financing sequence that will allow the city to borrow for capital improvements to library facilities and the Impact project. Staff will return to council in March to set parameters and execute the sale timetable if council confirms those later actions.

Next steps: Staff will return with parameters for issuance at the March 18 council meeting and pursue credit‑rating presentations in April ahead of the anticipated May sales.