Weatherford to issue certificates of obligation for water and wastewater projects after strong sale

Weatherford City Council on June 24 adopted an ordinance to issue tax and utility system limited‑pledge revenue certificates of obligation (Series 2025) to fund critical water and wastewater projects, including water‑plant expansion, a new elevated storage tank at West Park Pump Station, Lift Station 17 expansion and the Town Creek main trunk line.

Don Brooks, the city CFO (speaker 12), summarized a yearlong public engagement and the utility board's work leading to the sale. He said the certificates were priced the morning of the meeting and that proceeds would be available in approximately 30 days. Brooks noted recent credit‑rating work and said Standard & Poor's upgraded the utility debt and issued a double‑A rating; Moody's assigned Aa2.

Marty Hsu, the city's financial advisor with Hilltop Securities (speaker 13), described a competitive sale that drew 10 bids and produced a winning true interest cost of 4.27% (Robert Baird). Hsu said the bonds are structured with equal annual payments over a 20‑year period and added, "You are almost a 100 basis points below" the municipal bond index, underscoring favorable market terms.

Council adopted the ordinance to authorize issuance and sale of the certificates; the ordinance locks the interest rate and allows staff to receive funds and proceed with project financing. No detailed vote tally was provided in the transcript record.

City officials said the bond proceeds will be used to address compliance needs as the community grows and that the current utility rate structure was designed to accommodate the debt service for these certificates.