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Council authorizes $9.775 million water and sewer refunding bonds, New Series 2020A (Ord. 7854), 5-0
On May 12, 2020 the council adopted Ordinance No. 7854, 5-0, authorizing $9,775,000 in Waterworks and Sewer System Revenue Refunding Bonds, New Series 2020A, to refinance the New Series 2011 water and sewer revenue bonds. The City's financial advisor said the issue drew ten bids, recommended the sale to Robert W. Baird & Co., and put the savings at about $135,000 a year. The City's FY2025 financial report says the refunding reduced debt service over 11 years by $1,485,127; the bonds mature through 2031.[1][2][3][4]
Ginger NelsonElaine HaysFreda PowellEddy SauerHoward SmithLaura Storrs
What the sources say
- ✓ Verified
On May 12, 2020 the council passed Ordinance No. 7854, authorizing "City of Amarillo, Texas, Waterworks and Sewer System Revenue Refunding Bonds, New Series 2020A," on first and final reading, 5-0, on a motion by Councilmember Powell seconded by Councilmember Smith. The City's financial advisor said the bonds received ten bids, with Robert W. Baird & Co., Inc. "being the highest bidder," recommended the $9,775,000 sale to that firm, and said the savings would be about $135,000 a year. [1]
- For
- 5
- Against
- 0
- Amount
- $9,775,000
- ✓ Verified
The staff memo said the bonds would refund the Waterworks and Sewer System Revenue Bonds, New Series 2011, citing current low interest rates. [2]
- ✓ Verified
The City's FY2025 financial report says the $9,775,000 Series 2020A bonds, sold with a premium of $642,656, refunded $10,230,000 of the Series 2011 water and sewer revenue bonds, reducing total debt service over the next 11 years by $1,485,127 with an economic gain of $1,351,098. The bonds mature through 2031; $5,715,000 was outstanding at September 30, 2025. [3][4]
- Refunded
- $10,230,000
- Debt service reduction
- $1,485,127
- Outstanding 2025
- $5,715,000
