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Council authorizes combined GO bonds, COs, tax notes and water/sewer bonds for fiscal 2027 projects
Summary
Rowlett approved parameter ordinances to authorize up to $14.6M in general obligation bonds, up to $5.2M in certificates of obligation, up to $5.6M in tax notes and water/sewer issuance to fund streets, parks, vehicles and facility improvements, with pricing expected in August and delivery before the Sept. 16 budget adoption.
A finance presenter identified as Mike explained the city's plan to authorize multiple debt instruments for FY2027 projects, telling council the parameter ordinance would allow the city's pricing officers to finalize terms if the sale met specified criteria. "If approved, in August, we will look to price and sell those bonds and have delivery before the budget is adopted on September, on September 16," the presenter said.
Staff outlined four tranches: up to $14.6 million of general obligation bonds for voter-approved street and park projects; up to $5.2 million in certificates of obligation; up to $5.6 million in tax notes to fund ambulances, police vehicles, IT equipment and the enterprise vehicle replacement program; and water/sewer revenue bonds for annual infrastructure needs. Council discussed attachments in the packet that detail project allocations, asked questions about project lists and funding mechanics, and then unanimously adopted the parameter ordinances and related motions on the record.
