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Black Jack council approves resolution to offer general obligation bonds after Stifel presentation
Summary
The City Council approved Resolution #260701 authorizing the offering for sale of general obligation bonds after a presentation by Stifel Public Finance that outlined bond structure, a likely 4.5% interest rate, and the need for the completed 2025 audit before proceeding.
The Black Jack City Council on July 21 unanimously approved Resolution #260701, authorizing the offering for sale of general obligation bonds.
Martin Ghafoori of Stifel Public Finance presented the financing overview to the council, explaining that municipal bonds are typically backed by the issuing government and are primarily repaid from the Debt Service Fund. Ghafoori said municipal borrowing often carries lower interest rates and noted, "There will be a 4.5 percent interest rate." He told the council the City needs the completed 2025 audit before proceeding with the offering. City Clerk Allicia Hines said she will contact UHY Auditing to determine the audit's availability.
Councilman Grady sponsored the resolution and moved to place it on passage; the motion was seconded and the council polled unanimously in favor. The roll-call vote on final passage recorded 'yes' votes from Councilwomen Gray, Thames, Johnson, Lawson, Councilman Grady and Councilwoman James. The resolution authorizes the city to move forward with preparing the bond offering subject to the usual underwriting and audit prerequisites.
The council did not set a sale date at the meeting; staff will follow up on the audit timeline and next procedural steps for posting and offering the bonds.
