Trophy Club council approves about $8.15 million in certificates of obligation to fund streets, sidewalks

The Town of Trophy Club on Nov. 10, 2025 approved an ordinance authorizing the issuance of combination tax and revenue certificates of obligation, series 2025, in the approximate principal amount of $8,150,000 to fund street and sidewalk improvements and to remodel the streets and parks maintenance shop, city staff said.

Town manager Brandon Wright told the council the special noon meeting was necessary because “we are meeting today at noon to be able to sign all this paperwork, get it done so that, we can close on the issuance of bonds here,” and that waiting until Wednesday would have risked less-favorable pricing because many institutions are closed for the Veterans Day holiday.

Tammy, a city staff member, read the ordinance title and summary authorizing the town to execute a bond purchase agreement and a paying agent agreement, approve the official statement and take other actions related to the issuance. The ordinance text presented to the council described the principal amount as approximately $8,150,000.

Unidentified city staff summarized the process leading to the sale, saying the item was introduced June 23, staff proceeded with required notices, and a typographical error in one posting required repeating a portion of the legal-notice process. The staff member said the sale was completed as a private placement with Piper Sandler and Company and that “the issuance produced net savings of a $191,175, a significant improvement for the town and our residents.” Proceeds, the staff member said, will fund street and sidewalk work and the streets and parks maintenance shop remodel.

Jack McLaney of Samco Capital Markets reviewed pricing and reported the city’s true interest cost fell from about 3.6227% in August to about 3.4878% on the Nov. 10 sale, a drop of roughly 14 basis points. McLaney recommended the council accept the sale: “And as April said, dollars 191,000 The city has saved through this and, we recommend that you guys accept the sale.”

A council member moved to approve the certificates of obligation; the motion was seconded (a participant identified in the record as Gary). The chair called for a vote; the motion was recorded in the transcript as passing (transcript line: “Motion passes 12 o 5”). The transcript does not contain an unambiguous roll-call breakdown of yes/no votes or a clearly formatted numeric tally, so the exact vote count is not specified in the record.

Next steps in the ordinance authorize execution of required sale documents (bond purchase and paying agent agreements) and approval of the official statement so closing can proceed. Council members briefly discussed the possibility of future borrowing when market conditions again favor the town, and the meeting adjourned.

The council also announced a Veterans Day memorial service scheduled for Nov. 11 at 11:00 a.m. at Veterans Memorial Park on Parkview next to Beck Elementary.