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Fair Oaks Ranch authorizes notice to issue up to $9.545 million in certificates of obligation to fund water, wastewater and drainage projects; council adopts 10
Summary
The City of Fair Oaks Ranch approved publication of a notice of intention to issue certificates of obligation (COs) of up to $9,545,000 to help finance water, wastewater and drainage capital projects and also adopted a 10-year financial plan that maintains a 50% operating reserve and recommends debt funding for drainage projects.
The Fair Oaks Ranch City Council approved a resolution authorizing publication of a notice of intention to issue certificates of obligation in an amount not to exceed $9,545,000 to fund water, wastewater and drainage capital projects. The council also adopted the city’s fiscal year 2026–2035 financial plan, which staff says preserves a 50% operating reserve and recommends using debt to fund the drainage capital improvement plan.
Finance director Summer Fleming told council the notice complies with Local Government Code Chapter 271 and Securities and Exchange Commission rule 15c2-12 and does not obligate the city to issue the full amount. “We are seeking your approval of a resolution authorizing the publication of a notice of intention to issue certificates of obligation in an amount not to exceed $9,545,000 to fund water, wastewater, and drainage capital improvement projects,” Summer Fleming said.
Major projects and funding details outlined in the presentation…
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