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Council approves financing for fire apparatus and a water-main extension; backs four housing tax-credit applications
Summary
Council accepted bids and authorized a PPFCO sale for fire apparatus (approx. $4.6M at a 3.02% rate), approved $6M in water-sewer revenue bonds at 4.22% for a water-main extension, and adopted four resolutions supporting 9% housing tax-credit applications (no city funding beyond small fee waivers).
The Amarillo City Council approved multiple financing measures and several housing-support resolutions at its Feb. 10 meeting.
Katrina Owens presented Ordinance 8-2-35 authorizing Public Property Finance Contractual Obligations (PPFCOs) to fund fire apparatus. Paul Jason of Specialized Public Finance reported seven bids and a winning bidder (TD Financial Products) with a final fixed interest rate of 3.02% for a 13-year maturity; staff recommended awarding roughly $4,515,000 in PPFCOs, with funds available March 10. Council adopted the ordinance.
The council then approved Ordinance 8-2-37 authorizing water and sewer revenue bonds to finance a water-main extension. Paul Jason reported seven bids for a 30-year issue and a winning bid from Robert W. Baird at a 4.22% interest rate; the proceeds will fund approximately $6,000,000 of work and close March 10. Staff said the project was in the 2021 master plan and is intended to resolve pressure issues and loop distribution in a growing northerly development area; the first debt service payment is scheduled for Oct. 1, 2026.
Separately, staff presented four resolutions supporting competitive 9% housing tax-credit applications for Emerald Lofts, Tuscany Pointe, Tacovis Terrace 2 and Trevetta Terrace. Each request included a $500 development-fee waiver; staff confirmed no additional local incentives or direct city funding are being committed. Council adopted each resolution.
Council members emphasized that the bond results reflected strong city credit ratings and that the financing proceeds and timing were consistent with the city's debt-service planning.
