In January 2019, Municipal Finance Services, Inc. (MFSOK) began working with the City of Tuttle (the City) to evaluate funding options for a new public safety facility.
MFSOK presented information to the City about property valuation trends and ad valorem mill levy requirements necessary to repay the bonds, including tax impacts for local property owners. Additionally, MFSOK presented the City with options for possible election dates and provided a financing schedule. In November 2019, the voters authorized the City to issue $2,000,000 in general obligation bonds for public safety capital improvements to finance the acquisition and/or construction of a public safety facility. The use of general obligation bonds to finance capital improvements was a first for the City.
In 2020, MFSOK worked with the City and other transaction participants to structure the bond issue, prepare the City’s Official Statement and Notice of Sale, and conduct the bond sale via an electronic bidding platform.
The City received three (3) bids on May 11, 2020, with the lowest bid at a true interest cost (TIC) of 2.395863%. The bond issue closed, and the City received funds on June 24, 2020.