By Stephen Nakrosis
The City of Waco in Texas is issuing $125 million of tax and revenue certificates to finance a series of capital projects.
Proceeds from the Combination Tax and Revenue Certificates of Obligation Series 2025 offering will also be used to pay for issuance costs, according to documents posted on MuniOS.
Interest on the certificates will accrue from the delivery date, and are payable on Feb. 1 and Aug. 1 beginning next year. The final maturity date for the certificates is in 2055.
Money from the sale will be used for the construction, expansion, renovation and repair of city's police facilities. Proceeds will also be used to purchase fire fighting and other municipal equipment, make improvements to the water and sewer systems, and various transportation projects.
The certificates are a direct obligation of the city, and are payable from the collection of a direct and continuing ad valorem tax levied on property in the city, as well as surplus revenue from the water and sewerage system.
Waco, located in McLennan County, is the home of Baylor University, and has an estimated population of about 146,00 people, according to the offering document.
The securities have been rated Aa1 by Moody's and AA+ by S&P.
RBC Capital Markets is lead manager on the transaction.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 17, 2025 19:38 ET (23:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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