Trophy Club approved an ordinance Nov. 10 authorizing the issuance of combination tax and revenue certificates of obligation series 2025 in an amount of approximately $8,150,000 to fund street and sidewalk improvements and a remodel of the streets and parks maintenance shop.

Town staff said the sale was completed as a private placement with Piper Sandler and recommended the council accept the terms. Staff told the council the issuance produced net savings of about $191,175 compared with an earlier attempt to sell the debt, and that the lower true interest cost on the new sale (3.4878%) represented an improvement from the prior 3.6227% figure. “Because interest rates have moved in our favor since that last attempt, the issuance produced net savings of $191,175,” a staff presenter said.

Jack McLaney of Samco Capital Markets, the town’s financial adviser for the transaction, explained the change in true interest cost and recommended the council accept the sale. “We had, between the two issues in August 2025 and then today to November 10, our true interest cost went from 3.6227 to 3.4878, which is a savings of about 14 basis points,” McLaney said.

Council members asked for clarification on how Federal Reserve moves related to the realized savings. A councilmember observed that a 50-basis-point Fed action does not automatically translate to an equal change in the town’s borrowing costs; the presenter agreed and explained that savings depend on how market yields move across the curve.

A councilmember moved to approve the ordinance authorizing the certificates; another member (recorded as Gary) seconded. The mayor called for a voice vote and the motion passed by voice; the transcript records “All approved” but does not list individual vote tallies.

Staff and advisers said the timing of the special noon meeting was driven by market logistics: banks needed to sign and close on the issuance promptly to preserve the quoted pricing, and the Veterans Day holiday the next day would have delayed processing. Council members noted that if market conditions remain favorable they could consider additional borrowing later.

The meeting also included an announcement about a Veterans Memorial service on Nov. 11 at 11 a.m. at Veterans Memorial Park on Parkview near Beck Elementary. The special meeting adjourned shortly after the bond vote.

Notes: The meeting transcript repeatedly spells the town name as “Tropic Club”; that is a transcription error and records for this item reference the Town of Trophy Club, Texas. The transcript does not provide an individual roll-call vote count for the ordinance approval; the article reports the outcome as recorded in the meeting: approved by voice vote.