Tyler approves $80.8 million water and sewer revenue bond issue; refunding to save interest

The Tyler City Council authorized the sale of an $80,755,000 waterworks and sewer system revenue and refunding bond issue, approving the financing package and awarding the bonds to the recommended bidder following a competitive sale.

Lauren introduced Steven Adams of Specialized Public Finance, who said seven bids were received and recommended awarding the issue to Robert W. Baird & Co. The financing package will direct roughly $70 million to wastewater system projects and about $11 million toward refunding callable bonds; Adams said the structure preserves the city's double-A rating and produces modest interest savings on the refunded portion.

Councilmember Curtis moved to approve the ordinance authorizing the sale and Councilmember Marsh seconded; the motion carried by voice vote.

Adams said the sale is expected to close around April 22 and estimated interest savings of approximately $320,000 over the refunding period. The city finance team and advisers said the bonds were structured to allow project investment while managing debt service and maintaining liquidity.