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Cedar Hill sells about $6.64M in certificates of obligation at a 3.73% TIC; council authorizes issuance
Summary
Hilltop Securities reported a competitive sale that netted $6,640,000 with a true interest cost of 3.73%; council adopted an ordinance authorizing issuance of combination tax and revenue certificates of obligation, with no estimated tax impact reported.
The Cedar Hill City Council authorized the issuance of combination tax and revenue certificates of obligation following a presentation of bond sale results by municipal financial advisor Hilltop Securities.
Marty Shew reported that the competitive sale drew eight proposals and that BOK Financial submitted the lowest true interest cost at 3.73%. Shew said the city will receive $6,640,000 in proceeds, amortized over 20 years, and that the sale reflects the city’s strong credit profile, noting S&P and Moody’s ratings referenced in the presentation.
Shew said there was no estimated tax impact associated with the borrowing and that the proceeds would be delivered July 9. Council moved to adopt ordinance number 2026-874 authorizing issuance (the motion referenced an amount not to exceed $6,845,000 to meet contractual obligations); the motion carried unanimously.
Council discussion was limited; staff will complete closing documents and execute the financing steps specified in the ordinance.
