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Converse council briefed on plan to sell certificates of obligation to fund roads, water projects
Summary
City of Converse officials on May 13 were briefed on plans to finance a package of street and utility projects with certificates of obligation and were advised to move quickly because pending state legislation could limit or end cities’ ability to use COs.
City of Converse officials on May 13 were briefed on plans to finance a package of street and utility projects with certificates of obligation and were advised to move quickly because pending state legislation could limit or end cities’ ability to use COs.
Interim city staff presented a list of proposed capital projects, engineering estimates and funding gaps, and noted recent bid results. Financial adviser Andrew Friedman of Samco Capital Markets explained how issuing COs would affect the city’s tax rate and recommended a timetable that would start with a council “notice of intention” resolution at the May 20 meeting, sale of COs on Aug. 5 and closing by Aug. 27 if the council decides to move forward.
The projects presented included Topperwine Road (Phase 1 and Phase 2 and an FM 1976 intersection realignment), Greenway Trail Phase 2, the RSV/VIP waterline replacement (low bid opened that morning at $3.6 million, rounded to $3.7 million in staff materials),…
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