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Trophy Club council approves $8.15 million certificates of obligation to fund streets, sidewalks
Summary
Trophy Club approved an ordinance Nov. 10 authorizing the issuance of roughly $8.15 million in combination tax and revenue certificates of obligation to pay for street and sidewalk work and a maintenance-shop remodel.
Trophy Club approved an ordinance Nov. 10 authorizing the issuance of combination tax and revenue certificates of obligation series 2025 in an amount of approximately $8,150,000 to fund street and sidewalk improvements and a remodel of the streets and parks maintenance shop.
Town staff said the sale was completed as a private placement with Piper Sandler and recommended the council accept the terms. Staff told the council the issuance produced net savings of about $191,175 compared with an earlier attempt to sell the debt, and that the lower true interest cost on the new sale (3.4878%) represented an improvement from the prior 3.6227% figure. “Because interest rates…
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