Weatherford council authorizes notice to issue $80 million in certificates of obligation for water, wastewater projects

The Weatherford City Council voted to publish a notice of intent to issue up to $80,000,000 in certificates of obligation to finance water and wastewater infrastructure projects, city Chief Financial Officer Don Brooks told the council.

Brooks said the proposed issuance would allocate approximately $55,000,000 to water improvements and $25,000,000 to wastewater projects, listing planned work including phases 2 through 4 of the water purification plant, a new elevated storage tank near the West Park Pump Station, expansion of Lift Station 7 and a Town Creek main trunk line. “This represents the first phase of planned utility infrastructure investments,” Brooks said.

The notice is the first formal step required by law; Brooks said staff will publish the notice in the Weatherford Democrat on April 30 and May 7. Marty Shue, the city’s financial adviser from Hilltop Securities, explained the timetable: staff expects to return to council on June 24 to present bond pricing and an ordinance to authorize issuance, with bond proceeds expected about 30 days after pricing.

At the council meeting resident Lynn Baber urged greater public information and criticized the size of the proposed debt and that the financing does not go to voters. “The total debt for Weatherford with this is $210,000,000, not $1 of which went before a public vote,” Baber said, citing figures she reviewed and asking for clearer, plain-English materials for citizens.

Councilmembers asked staff to confirm that the action that passed was only authorization to publish the notice; Brooks and Shue reiterated the publication is not an obligation to issue the full amount and that debt service is intended to be paid from utility revenues under the current rate structure. The motion to publish the notice passed (motion by Mayor Pro Tem Wilder; second by Luke Williams).