Council accepts TD Financial bid for $12.5M general‑obligation bond sale to fund water/wastewater work

Terrence Beeman, the city's chief financial officer, and financial adviser James Gilley presented results from the morning bond sale and recommended council accept the winning bid. The sale is the first issuance from the 2024 referendum and is sized to provide $12.5 million in project funds for water and wastewater projects; the final par amount was reported as $12,285,000.

Financial advisor James Gilley summarized the bid results and the competitive market interest, reporting that the top bid came from TD Financial Products. "They offered to purchase the bonds from the city at a truantius cost of 4.712999%," Gilley said (presentation packet shows bid tabulation). Beeman and Gilley noted the city intends to pay debt service from water/wastewater revenues while bonds remain ad valorem‑backed; the council unanimously approved the ordinance accepting the bid and authorizing issuance, with a planned close around Oct. 14.

Council members asked whether the utility rates will be adjusted to cover debt service and were told that water/wastewater rates are intended to support the debt while the ad valorem pledge remains the legal backstop.