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Rowlett to publish notice of intent to issue up to $5.15M in certificates of obligation
Summary
Council directed staff to publish the statutory notice for a not-to-exceed $5,150,000 certificates-of-obligation issuance for streets and parks projects; publication starts the statutorily required timeline ahead of a July council consideration.
The Rowlett City Council on May 19 authorized staff to publish a notice of intent to issue certificates of obligation (COs) for up to $5,150,000, a procedural step required by state law that begins the minimum 45-day public-notice window prior to any formal debt authorization.
Finance staff said the CO package is part of a multi-year debt plan and would fund a mixture of streets and parks projects; if council later approves an issuance, pricing is anticipated in August with delivery of funds likely in September. Finance Director Michael Kuhn emphasized that publishing a notice does not commit the council to borrowing; it only permits formal consideration later.
"This does not commit council to any debt, just the opportunity to consider it," Kuhn said, explaining the timing requirements for publication and later council consideration.
Council moved to direct publication; the motion was seconded and carried. Staff noted the July 21 meeting as the likely date for formal council consideration of the CO, along with other elements of the city's debt plan.
Outcome: council directed publication of notice of intent for a not-to-exceed $5,150,000 CO issuance; formal authorization, if any, would come at a future council meeting following required publications.
