Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Financing topic
No spam. Unsubscribe anytime.
Giddings to issue $4.97 million in Certificates of Obligation for street and utility work
Summary
The council adopted Ordinance No. 925 authorizing issuance of Combination Tax and Revenue Certificates of Obligation, Series 2026, to fund street and utility improvements; the sale generated $4,970,000 with an all-in interest rate reported near 4.23% and a TIC of 3.95%.
The Giddings City Council on July 13 adopted Ordinance No. 925 authorizing the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2026, to fund the Street and Utility Improvements Project. Interim City Manager Heather Garner and the city’s financial advisor described the sale terms and rating status.
Dusty Traylor of RBC Capital told the council the transaction produced a principal amount of $4,970,000. He said Moody’s affirmed the city’s bond rating at a 2-A level and reported an all-in interest rate near 4.23% with a true interest cost (TIC) of 3.95%. "We have the honor and privilege to represent the City of Giddings as a financial advisor," Traylor told the council. Council Member Kevin Rinn moved to adopt Ordinance No. 925; Council Member Mark Muniz seconded. The motion carried unanimously.
The ordinance approves the official statement, paying agent/registrar agreement and related documents necessary to issue the certificates. Council discussion as recorded focused on completing the multi-year project financing; no changes to the city’s interest and sinking portion of the property tax rate were projected in the meeting record.
