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McAlester council hears detailed briefing on bonds, sales tax and SRF loans to address aging streets and utilities
Summary
A municipal financial adviser told the McAlester City Council that long‑running 2002 capital appreciation bonds (5.9%) are noncallable and that a one‑cent local sales tax earmarked for debt will expire Nov. 30, 2031, framing options — sales tax, ad valorem and SRF loans — for funding major water and street needs.
A municipal financial adviser gave the McAlester City Council a step‑by‑step look at financing choices for the city’s backlog of infrastructure projects and urged officials to weigh immediate borrowing against the prospect of a one‑cent sales tax freeing up when older bonds retire.
The adviser, addressing the council and public, said some 2002 capital appreciation bonds carry interest at 5.9% and are noncallable until their stated maturities in the early 2030s, so the penny of sales tax voters authorized to pay that debt will “fall off” automatically on Nov. 30, 2031, unless voters extend or replace it. He…
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