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Aldermen approve COP financing parameters to back utility projects
Summary
The board adopted an emergency ordinance (Bill 3075-25) authorizing Certificates of Participation Series 2025 and related documents; Miss Wagner said S&P Global affirmed the city's long-term rating, which may improve borrowing terms.
The Smithville Board of Aldermen approved Bill 3075-25 on two emergency readings, authorizing Certificates of Participation (COPs) Series 2025 and approving related financing documents needed to proceed with utility project debt. The measure passed on recorded votes that yielded a unanimous result for the two-reading emergency action.
City Administrator Miss Wagner told the board she and staff participated in a ratings call with S&P Global and said the agency "continued to assign that a plus for our long term debt and affirmed our double a minus for the COPs," a development staff said should help obtain a favorable interest rate when the COPs are sold. Miss Wagner thanked finance and public-works staff and consultants for their work on the ratings call.
The ordinance sets parameters for the anticipated sale of COPs; staff said the emergency two-reading process was used to keep the sale timeline on track. Further details and financing documents were read into the record as part of the ordinance adoption.
Provenance: topicintro SEG 761, topfinish SEG 817.
