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Brownsville approves $58 million certificates of obligation to fund civic projects
Summary
The City Commission authorized up to $58 million in certificates of obligation to finance city facilities, public safety design work, downtown improvements, landfill upgrades and technology, following financial advisors’ presentation and a discussion of market timing and credit ratings.
The Brownsville City Commission on Monday approved an ordinance authorizing the issuance and sale of up to $58,000,000 in combination tax and revenue certificates of obligation to fund a range of city projects.
City Deputy Manager and Chief Financial Officer Alan Gard told commissioners the measure would support facility improvements, streets and equipment, grant matches, public safety design, downtown work and technology upgrades. "Much of that is for this city hall, this building we're in right now," Gard said, listing roughly $6.3 million for facility improvements, $7.3 million toward design of a new public safety complex and $3.2 million for downtown investments. He said roughly $11.9 million of the sale would be supported by landfill revenues for landfill equipment and improvements.
The certificates were presented alongside a market and rating update by…
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