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Red Oak council approves $6.1 million certificates of obligation at 3.88%
Summary
The Red Oak City Council approved an ordinance authorizing $6.1 million in combination tax and revenue certificates of obligation to fund streets and utility projects. Hilltop Securities reported a low bid at 3.88%, which staff said will lower principal and interest by about $245,000 over the life of the debt.
The Red Oak City Council voted to authorize the issuance and sale of $6.1 million in combination tax and revenue certificates of obligation to finance street and utility projects.
Jorge Delgado of Hilltop Securities told the council the city received seven bids and that the low bid was "a low bidder at a 3.88% for a…
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