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McKinney council approves parameters for $75M in GO bonds and $25M in water bonds
Summary
City staff presented parameters for fiscal‑year 2026 bond sales — roughly $75 million in general obligation new money and $25 million in water and wastewater revenue bonds — and council approved the bond parameters and pricing‑officer designations; staff outlined ratings calls and sale timetable.
Mark Holloway, the city’s chief financial officer, told council the city plans to seek market authorization for two bond issuances in FY26: about $75 million in general obligation (GO) new money for public safety, parks and streets, plus $25 million in water and wastewater revenue bonds for utility projects. Holloway also described callable refundings of 2014 and 2016 bonds that would yield modest savings and said the city expects 20‑year amortizations on the new money.
"On the general obligation summary, we have $75,000,000 of new money to be issued," Holloway said, also noting roughly $5,050,000 of the GO funding would be for public safety from the 2019 authorization and that other amounts are planned for parks, recreation and streets. He added the water and sewer side would be roughly "$25,000,000, of revenue bonds, to be issued." Holloway said the city currently holds strong bond ratings from S&P and Moody’s and outlined a timetable that includes ratings calls in mid‑April, ratings on April 27, a competitive sale on May 19 and closing on June 17.
Council approved the parameters and designated pricing officers so staff can proceed to market; the motions passed on voice votes. The council also approved the water/wastewater revenue bond parameters. Staff said specific sale dates and final interest thresholds will be set by the pricing officers and only executed if market conditions meet the city's “do not exceed” limits.
