Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Belton holds public hearing, then approves up to $17.7 million in certificates of obligation
Summary
The council held a public hearing and approved issuance of certificates of obligation for up to $17.7 million to finance wastewater, utility, and general government projects including a wastewater treatment plant, a fire engine and a public safety center.
The Belton City Council held a public hearing March 11 on a proposed certificate of obligation issuance with a maximum principal amount not to exceed $17,700,000 and then approved the issuance.
Mister Rogers, city staff presenting the proposal, told the council the package covers five projects: three utility projects led by the wastewater treatment plant and two general-government projects, a fire engine and a public safety center. He said the maximum maturity would be 20 years and that utility bonds would be paid with utility revenue; general government projects would be paid with general fund revenue.
Council members praised staff work on the financing. "By far the biggest one's the wastewater treatment plant," Rogers said. Several councilmembers described the financing as sensible for taxpayers and said the city had taken steps in structuring the issuance (including shorter maturities on a portion of the bonds) to keep costs efficient.
The council closed the public hearing, received no public speakers, and moved the item to approval. The chair called for a motion; the motion to approve carried by voice vote.
The paperwork for pricing, award and closing will follow the council vote: the bonds are slated to be priced in April, the council will return with a recommendation to award the certificates at a subsequent meeting, and the sale would close about a month after award.
