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Council accepts low bid for certificates to fund fire truck, proposes 0.513613 tax rate and schedules hearings
Summary
Council accepted the low bid from BOK Financial Securities for certificates of obligation (true interest cost ~3.64%) to fund up to $2 million for a fire truck and ambulance; it also proposed a tax rate of 0.513613 per $100 (an effective 13.41% increase), scheduled public hearings and set adoption dates.
The Sweetwater City Council accepted the low bid in a competitive sale of combination tax and revenue certificates of obligation and proposed a new tax rate during its Aug. 12 meeting.
Andrew Friedman of Samco Capital Markets, the city's financial adviser, told the council eight bids were received and the winning purchaser was BOK Financial Securities at a true…
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