Perry approves $6.83 million bond sale to fund industrial, airport and public works projects

The Perry City Council voted to award a $6.83 million general-obligation corporate‑purpose bond sale to BK Financial Securities of Dallas after the city’s municipal adviser presented the sale results.

“We received five bids from over 35 different banks,” Suzanne Gerlock of PFN Financial Advisors told the council, and the winning bid produced a true interest cost (TIC) of 3.2126%. Gerlock said the underwriter purchased the municipal bond insurance that will produce a double‑A rating for the issue and that the sale produced a premium that will flow into the project fund to pay for work at the industrial park, the airport, a new public‑works facility and street projects.

The council amended its pending resolution to specify awarding the bonds to BK Financial Securities and approved the resolution by roll call. The municipal adviser noted the sale priced about a half percentage point lower (better) than the city’s prior 2012 issuance.

In related finance items, council members approved pay application number 43 for the wastewater treatment‑facility improvements, a payment of $10,587 to Woodrith Construction that included $8,737 for Newark work and a $1,850 retainage release; staff said the contract is now roughly 99.7% complete with retainage remaining on the project.

Councilmembers also approved smaller procurement items on the consent agenda, including license renewals and claims totaling $227,120.54.

The council’s action completes the sale‑authorization step; bond proceeds and premium will be applied to the project fund as described by staff. No additional approvals specific to the projects were made at the meeting; project design, site work and contract awards will follow the city’s usual procurement and permitting procedures.