The Waxahachie City Council met in a special session Thursday afternoon to pass the issuance of bonds that are needed to fund different projects around the city. The bonds will fund the restoration of the historic MKT train depot, expansion and lengthening of the runway at Midway Regional Airport and the building of the new downtown-parking garage.

Presenting the ordinance authorizing the issuance of $10,220,000 worth of certificates of obligation was Kenneth Smith from Southwest Securities FSB and Pete Tart from McCall, Parkhurt and Horton, who were on the bond council.

“The city has given notice of intention to issue these bonds and has been duly published. No petition has been received requesting a referendum election so the council as far as state law is concerned is authorized to issue this ordinance,” Tart said.

“The ordinance authorizes this issuance of these bonds to be delivered to the city on March 25,” he said.

Smith informed the council that the city’s rating from Standard and Poor’s on general obligation moved up two places from A- to A+. The better rating was given because of the positive financial state that the city is in and the sound planning and management of funds in the past. This new rating will give the city a lower bond interest rate of 4.25 percent.

Member of the council voted unanimously to issue the debt.

E-mail Andrew at andrew.branca@wninews.com