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Southlake approves $13.6 million certificates-of-obligation issuance to fund infrastructure
Summary
Council approved an ordinance authorizing sale of tax and water/sewer system revenue certificates of obligation; a competitive sale produced roughly $13.6 million in gross proceeds, with approximately $13.49M in project funds and an S&P AAA confirmation. Vote: 7–0.
The Southlake City Council on April 21 approved Ordinance No. 1299 authorizing issuance of tax and water/wastewater system revenue certificates of obligation to fund general infrastructure and stormwater projects.
Jim (James) Sabonis, managing director at Hilltop Securities and the city’s financial adviser, summarized the competitive sale held earlier the day of the meeting. He said the sale produced…
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