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Sugar Land council approves three bond ordinances totaling about $133.96 million for capital projects
Summary
Council approved three bond ordinances on June 16 authorizing certificates of obligation (~$17.42M), general obligation bonds (~$74.95M) and waterworks revenue bonds (~$41.59M), funding airport work, public safety facilities, drainage projects and water/wastewater improvements.
The Sugar Land City Council on June 16 approved three separate bond ordinances authorizing financing for capital projects across the city, totaling roughly $133.96 million in combined issuances that staff said will close July 15.
Assistant City Manager Michelle McRimmon summarized the three items. Ordinance 2407 authorizes certificates of obligation to fund primarily airport capital improvements and Park at Eldridge projects; the sale priced at about $17.421 million with a true interest cost of 4.1% and a 20‑year term. McRimmon said bond rating agencies affirmed the city’s ratings for this issuance.
Ordinance 2408 authorizes general obligation bonds tied to voter‑approved propositions, including funding for public safety training facility phase three, the animal shelter and several drainage projects. McRimmon said the sale priced at approximately $74.951 million with a true interest cost of 3.8% and a 20‑year term.
Ordinance 2409 authorizes waterworks and sewer system revenue bonds to fund water and wastewater capital projects included in the FY26 adopted budget. That issuance priced at about $41.59 million with a true interest cost of 3.96% and a 20‑year term. McRimmon said these revenue bonds have no property‑tax impact and will be paid from utility revenues.
All three ordinances were put to council and approved on unanimous 6–0 votes. McRimmon said closings for the financings are expected on July 15. Council thanked the city’s financial advisor and bond counsel for assistance on the transactions.
Action: Ordinance 2407 (Certificates of Obligation) approved 6–0; Ordinance 2408 (General Obligation bonds) approved 6–0; Ordinance 2409 (Waterworks & sewer revenue bonds) approved 6–0.
