Boerne council approves notice of intent for $20 million fire-station bond and refunding plan
July 14, 2026 | Boerne, Kendall County, Texas
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The Boerne City Council voted 4–0 on July 14 to approve a resolution publishing notice of intent to issue certificates of obligation, including a proposed $20 million issuance to partially fund Fire Station No. 2, and to pursue refundings of existing city debt.
City staff presented three possible debt issuances for the fiscal 2027 budget and said none of the proposed borrowings would require a tax-rate increase. Sarah Buckalew summarized project milestones, saying design for the new fire station is complete, bidding will occur near the end of the fiscal year, the engine funded by the debt is expected in November and construction is scheduled to start in 2027 with completion anticipated in 2028.
"The important thing to note is that none of the debt that we're proposing would result in a tax rate increase," Buckalew told the council.
Jim Sabonis, Hilltop Securities’ managing director, gave a market update and said Boerne’s AA+ profile should draw competitive bids. He said the Federal Reserve’s guidance suggests rates are unlikely to be cut this year and that municipal market inflows and investor demand make an early-September sale attractive. "I think that both these projects, we are confident that competitive sales will result in the lowest cost and be very successful," Sabonis said.
Staff estimated that, depending on market conditions, refunding the two series could yield roughly $700,000 to $1.7 million in savings over the life of the debt. Buckalew told the council she expects staff to return Sept. 8 with the pricing results, bidders and the prevailing interest rates for council consideration.
Councilman Macaluso moved to approve Resolution 2026 R38, which sets publication of the notice of intent and recognizes Securities and Exchange Commission Rule 15c2-12 requirements; a second was recorded and the motion passed 4–0.
The council’s next step is to review formal pricing and bid tallies in September before deciding whether to authorize final issuance.
City staff presented three possible debt issuances for the fiscal 2027 budget and said none of the proposed borrowings would require a tax-rate increase. Sarah Buckalew summarized project milestones, saying design for the new fire station is complete, bidding will occur near the end of the fiscal year, the engine funded by the debt is expected in November and construction is scheduled to start in 2027 with completion anticipated in 2028.
"The important thing to note is that none of the debt that we're proposing would result in a tax rate increase," Buckalew told the council.
Jim Sabonis, Hilltop Securities’ managing director, gave a market update and said Boerne’s AA+ profile should draw competitive bids. He said the Federal Reserve’s guidance suggests rates are unlikely to be cut this year and that municipal market inflows and investor demand make an early-September sale attractive. "I think that both these projects, we are confident that competitive sales will result in the lowest cost and be very successful," Sabonis said.
Staff estimated that, depending on market conditions, refunding the two series could yield roughly $700,000 to $1.7 million in savings over the life of the debt. Buckalew told the council she expects staff to return Sept. 8 with the pricing results, bidders and the prevailing interest rates for council consideration.
Councilman Macaluso moved to approve Resolution 2026 R38, which sets publication of the notice of intent and recognizes Securities and Exchange Commission Rule 15c2-12 requirements; a second was recorded and the motion passed 4–0.
The council’s next step is to review formal pricing and bid tallies in September before deciding whether to authorize final issuance.
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