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Balch Springs approves up to $14 million in certificates of obligation for city center projects

City of Balch Springs City Council · August 11, 2025

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Summary

Council authorized the issuance and sale of up to $14 million in combined tax and revenue certificates of obligation to fund city center improvements, streets and parks after a competitive sale produced lower-than-expected interest costs and a double A‑minus rating.

Balch Springs — The City Council on Aug. 11 approved an ordinance authorizing the sale of up to $14,000,000 in combination tax and revenue certificates of obligation (series 2025) to finance city center projects, street improvements and park work.

Financial advisors and bond-market professionals told council the city received competitive bids and a double A‑minus rating from S&P, noting the rating reflected the city's maintained reserves and recent economic growth. The low bid—submitted by BOK Financial Securities—produced an all‑in interest rate below the city’s earlier plan‑of‑finance estimate, and the transaction included a premium that increased proceeds available to fund the projects.

Staff reviewed anticipated projects and the timeline: bond counsel will submit executed documents to the Texas Attorney General’s municipal bond review; that review typically takes about 15 business days, after which the city expects to close the transaction around Aug. 28. Staff estimated the issuance will have a modest tax‑rate impact (about one half of a penny on the I&S tax rate, based on conservative growth assumptions).

Council members praised staff and the advisor team for the competitive results and recommended moving forward with execution. The ordinance authorizing the issuance and sale was approved by roll call.