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Burton approves $675,000 Certificates of Obligation to finance city needs
Summary
Burton City Council approved issuing $675,000 in Combination Tax and Revenue Certificates of Obligation after hearing rates from two banks; Citizens State Bank offered a lower quoted rate of 3.848499% versus Amegy Bank's 5.159859% with additional fees.
Burton City Council voted Feb. 11 to authorize the issuance of $675,000 in Combination Tax and Revenue Certificates of Obligation to fund city needs. James Gilley of U.S. Capital Advisors presented results of a December Notice of Intent; he reported Amegy Bank's offer of 5.159859% (with additional fees) and Citizens State Bank of Somerville's offer of 3.848499% with no additional fees. Councilmember Paul McLaughlin moved to adopt the ordinance and approve the issuance; the motion passed with votes recorded FOR: Gilmon, Eckhardt, Tidwell.
The bond debt-service schedule prepared by the city's financial advisors shows annual payments and interest through the maturity schedule included in the meeting packet. Council did not record any votes against the measure in the minutes. The action authorizes the mayor and staff to complete sale details and execute necessary documents to issue the certificates.
