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Rowlett council unanimously approves parameter ordinance to issue up to $20 million in certificates of obligation for municipal complex
Summary
The council adopted a parameter ordinance delegating final pricing authority to issue up to $20,000,000 in certificates of obligation as part of a $76,000,000 municipal complex funding plan, with a maximum true interest cost of 5.5% and a final maturity date of Feb. 15, 2055; pricing was anticipated for Feb. 25, 2025.
The Rowlett City Council voted unanimously to adopt a parameter ordinance authorizing the issuance of certificates of obligation (COs) to help fund a municipal complex project that the city presented as part of a $76,000,000 debt funding plan. Finance Director Wendy Badgett told the council the city plans to issue "up to 20,000,000 in certificates of obligation as an overall 76,000,000 debt funding plan to support the municipal complex project," which includes a new city hall, administrative offices, police and fire headquarters, jail…
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