Council authorizes notice to issue $30 million certificates of obligation for roads, fire station and parks

The Weatherford City Council on Aug. 12 authorized staff to publish notice of intent to issue up to $30 million in certificates of obligation, a first procedural step that allows the city to seek bond financing for several priority infrastructure projects. Why it matters: The funding would finance multi‑year street improvements, a new fire station, park renovations and a facility to store public‑works equipment; the certificates would be secured by ad valorem tax revenues and are timed to fit available debt capacity from maturing obligations. Staff said the proposed certificates of obligation would fund four priority projects: $18,000,000 for Lamar Street and Claremont Boulevard improvements; $10,000,000 to build Fire Station 5 (staffing phased in over three budget cycles and an engine already ordered); $2,500,000 for a complete renovation of Holland Lake Park; and $1,500,000 to construct a public works equipment storage facility. City staff explained the timing leverages the scheduled final maturities of prior refunding general obligation bonds, producing available debt capacity beginning in FY27 and reducing annual debt service obligations. Staff estimated the annual debt service on the new certificates at about $2,400,000 and said the certificates will be secured by a pledge of ad valorem tax revenues within the existing tax‑rate structure. Staff also said publication must run in the local newspaper for two weeks and that council cannot vote on issuance until at least 45 days after the notice runs. Questions from council included when the interest rate for the bonds would be set; staff replied rates would be set in September and confirmed a 20‑year term is standard for the city. Council action: Council Member Luke Williams moved to approve the resolution authorizing publication of the notice of intent to issue certificates of obligation; Mayor Pro Tem Zack Smith seconded and the motion passed. Discussion vs. decision: The council authorized publication of the statutory notice (formal action). No bond was sold or issued tonight; issuance would require subsequent council action after the statutory notice period.