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Council authorizes publication to begin process for certificates of obligation covering infrastructure projects
Summary
Council authorized staff to publish notice to initiate issuance of certificates of obligation to finance multiple capital projects. Staff presented projects totaling roughly $65.43 million (Midtown Park and Bryan services, streets and drainage, and fire apparatus) and outlined timeline toward a July closing.
Bryan staff and the city's financial advisor described a multi-project financing package and asked council to authorize publication of notice of intent to issue certificates of obligation. The presentation enumerated projects totaling $65,430,000: $25,930,000 for Midtown Park and Bryan services, $36,500,000 for streets and drainage, and $3,000,000 for fire engines. Staff said the publication requested would start a 45-day clock toward a competitive bid and an expected closing in July 2026.
Stephen Adams, identified in the meeting as the city’s financial advisor, explained the timing: "If you authorize us to move forward tonight, there will be a publication hopefully on Saturday the 18th ... that starts a 45 day clock ... we assume that you will close on July 9," he said. He also told council the staff expects to sell only enough certificates to fund the projects actually needed and that the tax rate should not increase as a result of this issuance under current assumptions. Council authorized publication as requested.
Action: Council authorized publication to begin the certificates of obligation process; staff will return with adoption documents and execute sale steps per the calendar presented.
