Fulshear accepts low bid on $13.5M parks bonds, council adopts related ordinance
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Summary
The council approved acceptance of BofA Securities' low bid and adopted Ordinance No. 2026‑1532 after hearing that the $13.5 million parks financing priced at an all‑in 4.39%, reducing projected annual debt service by about $50,000.
The Fulshear City Council on Tuesday accepted the low bid for a $13.5 million parks bond sale and adopted an ordinance to proceed with closing.
Kristen Blomquist, financial advisor with Masters & Advisers, told the council the competitive sale drew seven bids and the city received a low bid from B of A Securities. Blomquist reported an all‑in cost of 4.39% over the life of the bonds; that compares to the 4.83% estimate presented in February and lowers the city’s projected average annual debt service from about $880,000 to just under $830,000.
"We received seven bids for your $13,500,000 financing with a low bid from B of A Securities," Blomquist said, adding the tight bid spread spoke to the city’s credit quality. Council members asked staff to confirm the estimated tax‑rate impact; staff said the current projection is just over 3 cents (per $100 of assessed value), subject to updated certified rolls.
Councilmember Utakar moved to approve Ordinance No. 2026‑1532 to accept the award and proceed to closing; the motion was seconded and passed by roll call. The chair announced the ordinance is approved.
Blomquist noted the transaction’s timing produced savings and said bond proceeds will move forward to park projects included in the bond proposition. Council members also noted an upcoming grand opening for Primrose Park on May 9.
The ordinance passed at the meeting; staff will proceed to closing and return any required implementing paperwork to the council.
