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Amarillo council awards $15.4 million in certificates, advances $11.9 million street plan
Summary
The Amarillo City Council awarded a $15,435,000 certificate‑of‑obligation sale to Frost Bank and approved publishing notice for an additional $11,865,000 CO to fund street repairs and equipment, moving a multi‑year pavement program forward as staff prepares contracts and project timelines.
The Amarillo City Council on voice votes approved two financing steps to fund equipment and a multi‑year street maintenance program.
The council awarded $15,435,000 in combination tax and revenue certificates of obligation series 2025 to Frost Bank after a competitive sale, the city’s financial adviser Stephen Adams told the council. “We received six bids this morning. The winning bid was Frost Bank at 4.33 percent,” Adams said, noting the city also received a AAA rating that helped the sale.
Council also authorized staff to publish the notice of intent to issue up to $11,865,000 in additional certificates of obligation for a targeted street‑preservation package. City staff described treatments that would be funded — microsurface and cape seal for surface preservation plus mill‑and‑overlay for more deteriorated segments — covering roughly 17 miles of full‑width streets (about 75 lane‑miles across treatments). Donnie Hooper, assistant city manager, said the program is intended as the first year of a repeating issuance that would aim to lift Amarillo’s pavement condition index toward roughly a mid‑70 range if sustained annually.
City staff said most of the projects were already contemplated in the current tax rate and budget; Laura Stores, finance staff, told council that only about $4 million of the proposed issuance (heavy equipment) was not already included in the existing tax plan and could be addressed in the upcoming budget. Adams said the CO sale would close in early May and that the subsequent notice/competitive sale for the street package would run on a schedule that could close in July if council moves forward.
Council members pressed staff on project selection, tax‑rate impact and timing. Hooper said staff will publish a project list, maintain regular public updates and build a dashboard to show progress and expenditures. “If we can get on this plan and continue it for decades to come, we think we can see a 74 PCI,” Hooper said, referring to the pavement condition index.
Votes at a glance - Ordinance 8189 (award of CO series 2025): Motion to adopt made and seconded; council approved by voice vote (motion and voice vote recorded in meeting minutes). - Resolution to publish notice of intention to issue additional COs (resolution 4‑8‑25‑1): Motion made and seconded; council approved by voice vote.
What happens next Staff will finalize project lists and schedules, proceed with the publication and rating steps required for the street COs, and return with contract recommendations and a public project tracking plan so residents can see where and when work will occur.
