The Bryan city council endorses a staff proposal to issuing bonds to finance the rest of the city’s obligation to the employee pension fund.
That would make the city of Bryan the second out of more than 800 affiliated with the Texas Municipal Retirement System to use bond financing to pay the current liability of $54 million dollars.
Assistant finance director Will Smith told the council historically interest rates would save the city $35 million dollars over the next 20 years.
The council will be taking formal action as soon as next Tuesday. Then the council needs approval from the Texas attorney general’s office and a credit rating agency before proceeding with a bond sale.
Click below for comments from Will Smith during the September 8, 2020 Bryan city council meeting.