Council approves publication of intent to issue certificates of obligation; one member opposes

The Murphy City Council on May 20 approved a resolution authorizing publication of a notice of intent to issue tax and revenue certificates of obligation. The publication is a required step in the city’s process for issuing certificates; staff and the city’s financial advisor briefed council on timing and next steps.

Staff said the resolution establishes a not-to-exceed ceiling for purposes of the statutorily required publication but does not finalize a sale amount or specific project list. During the staff presentation, a not‑to‑exceed figure of $23,000,000 was discussed as the publication ceiling; staff emphasized the amount in the resolution represents a maximum for publication purposes and that final amounts and the project list would be determined later and reviewed as part of the formal sale process.

Council moved to authorize publication of the notice; the motion passed with one recorded opposition. The meeting minutes record Councilmember Ken Oldham as voting against the motion. Staff said the publication will run according to statutory requirements and that subsequent steps will include refining the project list, coordinating with bond counsel and the financial advisor, and confirming debt service impacts in the upcoming utility-rate study.

Ending: Staff will publish the notice as required and return to council with final sale terms, the specific project list and details on debt service impacts prior to issuance.