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Rowlett council approves parameter ordinance to seek up to $20 million in certificates of obligation
Summary
The Rowlett City Council unanimously adopted a parameter ordinance authorizing up to $20 million in certificates of obligation to help finance a municipal complex, delegating final pricing authority within set limits including a 5.5% true interest cost cap and a 30-year maturity.
The Rowlett City Council on Dec. 3 adopted a parameter ordinance allowing the city to issue up to $20,000,000 in certificates of obligation to help fund a planned municipal complex that would include a new city hall, administrative offices, police and fire headquarters, jail, courts, an animal shelter and park amenities.
Finance Director Wendy Badgett summarized the plan, saying the proposed issuance would "supplement the $7,600,000 funding received from the general obligation…
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