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Council approves issuance of $16.2 million in tax notes to fund vehicles, airport projects and cemetery irrigation
Summary
The council authorized tax notes totaling $16.2 million to fund large vehicles and equipment, airport projects and a new cemetery irrigation system; Webster Bank won the bid and staff reported a roughly 3.7% interest rate and $1.3 million in savings from prior unutilized notes.
LUBBOCK, Texas — The Lubbock City Council on May 13 approved an ordinance authorizing the issuance of tax notes totaling $16,200,000 to fund large vehicles and capital equipment, airport projects and a new irrigation system at a city cemetery.
City Manager Joe Jimenez briefed council on the measure, saying the tax-note program is used for multi-year equipment financing; “The tax notes that we issued have a life…
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