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Converse council authorizes notice to pursue $18.5 million certificates of obligation for road, utility and park projects
Summary
Council approved a resolution authorizing publication of notice of intent to issue $18.5 million in certificates of obligation; staff said the borrowing would not raise the property-tax or utility rates and is the first legal step toward issuance.
The Converse City Council approved a resolution authorizing publication of a notice of intent to issue certificates of obligation totaling $18.5 million to fund several projects identified at a prior meeting.
Interim City Manager Lanny Lambert explained the borrowed amount would include $10.5 million in the general fund (to be repaid from property taxes) and $8 million in the utility fund (to be repaid from utility collections). Staff said the city’s financial adviser advised these borrowings can be…
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