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Council approves refunding of 2016 bonds, cites roughly $500,000 projected savings
Summary
The Hurst City Council adopted Ordinance 26-29 authorizing refunding of bonds issued in 2016; staff said the refunding should save the city about $500,000 over the remaining 10 years and will not extend maturities or add new money.
The Hurst City Council voted to adopt Ordinance 26-29 to authorize the issuance of general obligation refunding bonds, a move staff described as a refinancing of debt issued in 2016.
A staff member explained that work with financial advisors and bond counsel identified a market opportunity to refund outstanding debt and capture interest-rate savings. “Over the remaining 10 years of the bond, it's going to save the city about $500,000,” the staff member said, and noted the refunding would not extend maturities or add new money.
Council members moved and seconded the ordinance on first and final reading after the presentation; the Chair called the vote and the motion carried. The ordinance authorizes the city to go to market to issue the series 2026 refunding bonds and resolves other matters incident to the issuance.
The staff presentation named Hilltop Securities as the city’s financial advisor and identified bond counsel who assisted with the analysis. The city did not present a line-by-line payoff schedule during the meeting; staff said only the aggregate estimated savings and that market bids that morning outperformed initial expectations.
Next steps: the ordinance provides the authorization needed to finalize and issue the refunding bonds under the terms discussed.
