Richardson approves ordinances to authorize $60M‑plus 2026 bond and CO sales after competitive bids

City financial advisors and bond counsel reported the results of competitive sales for the city's 2026 financings and the council adopted ordinances authorizing issuance.

Nick Boulash of Hilltop Securities, the city's municipal advisor, told the council the general obligation bonds priced competitively with final par of $25,810,000 and a purchaser premium of about $1.5 million; when the premium is factored in, Boulash said the transaction's true interest cost was roughly 3.74 percent and the winning bidder on the GO issue was BOK Financial Securities at a coupon producing a 3.739% yield. He said both Standard & Poor's and Moody's had affirmed the city's AAA ratings.

On the certificates of obligation, Boulash reported $34,695,000 in final par and a purchaser premium producing a true interest cost near 3.676 percent; BOK Financial Securities was the winning bidder on that sale, too.

Bob Dransfield, bond counsel with Norton Rose Fulbright, reminded council these were parameter ordinances that authorize city officials (the chief operating officer and director of finance) to execute final pricing certificates within the approved ranges. He said, if approved, the city should expect to receive proceeds in about a month.

Mayor Pro Tem Huchenrider moved to adopt ordinance No. 4,581 to authorize issuance of City of Richardson General Obligation Bonds Series 2026; Councilmember Arfin seconded and the motion passed unanimously. Councilmember Dorian moved to adopt ordinance No. 4,582 authorizing the issuance of combination tax and revenue Certificates of Obligation Series 2026 (payable in part by water/sewer revenues); Councilmember Arfin seconded and the motion passed unanimously.

The ordinances as presented delegate the implementation details to authorized city officials, and staff said final official statements will be updated to reflect final pricing once the pricing certificates are executed.