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Tyler approves $80.8 million water and sewer revenue bond issue; refunding to save interest
Summary
Council awarded an $80,755,000 waterworks and sewer revenue and refunding bond series and authorized closing in April after hearing bids and a recommendation from the city's financial adviser; the package includes about $70 million for projects and $11 million for refunding.
The Tyler City Council authorized the sale of an $80,755,000 waterworks and sewer system revenue and refunding bond issue, approving the financing package and awarding the bonds to the recommended bidder following a competitive sale.
Lauren introduced Steven Adams of Specialized Public Finance, who said seven bids were received and recommended awarding the issue to Robert W. Baird & Co. The financing package will direct roughly $70 million to wastewater system projects and about $11 million toward refunding callable bonds; Adams said the structure preserves the city's double-A rating and produces modest interest savings on the refunded portion.
Councilmember Curtis moved to approve the ordinance authorizing the sale and Councilmember Marsh seconded; the motion carried by voice vote.
Adams said the sale is expected to close around April 22 and estimated interest savings of approximately $320,000 over the refunding period. The city finance team and advisers said the bonds were structured to allow project investment while managing debt service and maintaining liquidity.
