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Bellaire council approves $7 million certificates of obligation to buy public-works site
Summary
On Feb. 3, 2025, the Bellaire City Council unanimously approved issuance of $7 million in tax and revenue certificates of obligation to finance purchase of about 2.5 acres for a new public-works facility; council heard that the sale drew eight competitive bids and that closing is expected in about 30 days.
Bellaire — The Bellaire City Council voted unanimously Feb. 3 to approve an ordinance authorizing the issuance of City of Bellaire, Texas, tax and revenue certificates of obligation, series 2025, to finance the purchase of roughly 2.5 acres intended to house the city’s public-works operations.
The move follows a competitive sale described to council by the city’s financial adviser. "We received a total of eight bids," James Gilley of US Capital Advisors said, and the winning bid went to BOK Financial Securities. Gilley told council that "the City will receive a full $7,000,000 to spend on its projects" at closing, which he said is expected to occur on or about March 4, 2025.
Why it matters: Council members said the certificates will allow the city to move forward on a long-planned public-works site outside the city limits while preserving the city’s AAA credit standing and taking advantage of competitive market rates.
What council heard: Terrence Beaman, Bellaire’s chief financial officer, introduced the item and said results were "better than we discussed back in December." Gilley said the winning bid was offered at a net premium that reduced the effective borrowing requirement; the auction-style sale produced a tight spread among bids, he said. City Manager Sharon Satino confirmed that staff had completed property due diligence and
