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Texarkana adopts $29.41 million capital‑improvement and refunding bond ordinance with emergency clause
Summary
The board adopted an ordinance authorizing up to $29.41 million in limited‑tax general obligation bonds for refunding, street and drainage projects, approved sale terms and attached an emergency clause; bond counsel gave maturity and proceeds breakdowns.
The Board of Directors voted to adopt an ordinance authorizing the issuance of limited‑tax general obligation capital‑improvement and refunding bonds (Series 2026) totaling roughly $29.41 million, and attached an emergency clause to the ordinance so it could take immediate effect.
Bond counsel Jim Fowler of Rose Law Firm told the board the proceeds would be used to refund 2012 bonds, fund street improvements and drainage projects. Fowler gave an approximate allocation: about $1,139,000 for refunding 2012 bonds; roughly $24,461,000 for street improvements; and about $4,182,000 for drainage work. Fowler also disclosed a sale to Stevens Inc. at a price of $29,489,540.45 (which included a premium) and said the bonds would be insured by Assured Guaranty with Bank OZK named as trustee. The bonds are slated to mature annually from 2028 through 2051 and are supported by the voter‑approved special 5‑mill ad valorem tax.
Board members asked about a potential increase in state homestead credit; Fowler said the preliminary official statement accounted for recent changes and still showed adequate coverage for the bonds.
After three abbreviated readings and a roll‑call vote, the ordinance and emergency clause were approved and the city was authorized to finalize the bond purchase agreement and related documents.
