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Anna council approves notice to publish for up to $54 million in certificates for wastewater and water projects
Summary
The council approved publishing notice of intent to issue up to $54,000,000 in combination tax and revenue certificates of obligation to fund the Hurricane Creek wastewater treatment plant expansion and a third well; the finance director and Hilltop Securities presented a plan including a 30-year repayment schedule and projected principal-and-interest near $103 million at the budgeted rate.
The Anna City Council voted unanimously to authorize staff to publish notice of intent to issue up to $54,000,000 in combination tax and revenue certificates of obligation to fund water improvements and the Hurricane Creek wastewater treatment plant expansion.
Terry Dobie, the city's director of finance, introduced Andre Al of Hilltop Securities, who laid out the financing plan and timeline. "The not to exceed amount that we are proposing is $54,000,000," Andre said, adding the program would use a 30-year fixed repayment period and that the team is targeting an August notice and an early September closing.
Andre provided budgetary figures: a projected principal-and-interest total for 30 years of about $103,000,000 and an average annual principal-and-interest of about $3,400,000 under a budgeted 4.95% interest assumption; he also noted the city expects to competitively bid the bonds and award to the lowest bidder.
Council members asked for follow-up materials; staff said a rate-model workshop with consultants is scheduled for the first meeting in July to present more detail on how the debt would be built into rates and next steps for formal ordinance consideration in August.
