Title
Consider/Discuss/Act on All Matters Incident and Related to the Issuance and Sale of “City of McKinney, Texas, Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 2026”, Including the Adoption of an Ordinance Authorizing the Issuance of Such Bonds, Establishing Parameters for the Sale of Such Bonds and Delegating Certain Matters to an Authorized City Official(s) of the City
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: March 17, 2026
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION: Approval of Ordinance
ITEM SUMMARY:
• The City is issuing Waterworks and Sewer System Revenue and Refunding Bonds for $28,000,000 of various water and sewer related projects and refunding $8,000,000 of previously issued revenue bonds.
• Additionally, approval of this ordinance will designate the City Manager, Chief Financial Officer and Director of Finance as Pricing Officers to execute the transaction. This will enable pricing of the bonds at such time as the market conditions are most favorable.
BACKGROUND INFORMATION:
• Continued growth drives the need for major capital improvements.
• Applications will be made to both Standard and Poor’s (S&P) and Moody’s Investors Services, Inc. (Moody’s) to review the bond rating.
FINANCIAL SUMMARY:
• The total not to exceed principal amount for new issue is $28,000,000.
• The total not to exceed principal amount for refunding issue is $8,000,000.
BOARD OR COMMISSION RECOMMENDATION: N/A