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Waco authorizes up to $200 million note program to finance Baron's Branch Park
Summary
The council adopted an ordinance establishing a Combination Tax and Revenue Certificate of Obligation Note Program authorizing issuance up to $200 million to finance authorized projects, including Baron's Branch Park; council also approved several related developer and infrastructure items earlier in the meeting.
The City of Waco on June 16 adopted an ordinance establishing a Combination Tax and Revenue Certificate of Obligation Note Program authorizing issuance of notes in an aggregate principal amount not to exceed $200 million to finance authorized projects, including Baron's Branch Park.
City Attorney Hamilton Crum told the council the ordinance came on first and final reading under Texas Government Code Section 1201.028. The council voted in favor of the ordinance.
At the same meeting the council also approved a developer participation agreement on first reading with Arbor Rose Capital Fund 2 LLC (ARCF) to reimburse oversizing of drainage improvements for Legend Lake Parkway in an amount not to exceed $576,824; City Attorney Crum said the ordinance authorizes the city to participate in the total cost of oversizing and to reimburse ARCF in accordance with the ordinance terms.
Council members described the note program as the financing vehicle that will ultimately support projects such as Baron's Branch Park. No public comment addressed the note program during the item; votes on both measures were recorded in the council poll as affirmative.
Next steps: The certificate note program ordinance is adopted. Staff will carry out the administrative and financing steps required to execute note sales and to apply proceeds to authorized projects; the ARCF participation agreement proceeds under its first reading approval and will return as required for further reading/approval.
