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Public Utilities Board backs bond ordinances, approves $5.25 million DKJ concrete contract amendment
Summary
The City of Denton Public Utilities Board on June 23 unanimously recommended that City Council adopt two bond ordinances — up to $142,565,000 in general obligation refunding and improvement bonds and up to $254,050,000 in certificates of obligation — and approved a first amendment to the contract with DKJ Concrete Construction not to exceed $5,250,000.
The City of Denton Public Utilities Board on June 23 unanimously recommended that City Council adopt two bond ordinances — up to $142,565,000 in general obligation refunding and improvement bonds and up to $254,050,000 in certificates of obligation — and approved a first amendment to the contract with DKJ Concrete Construction not to exceed $5,250,000.
The recommendations for the two ordinances were framed as steps that allow the city to proceed to a bond sale this summer. Randy Klingle, Treasury Manager, told the board the certificates of obligation (CO) notice of intent was published May 24 and May 31 in the Denton Record-Chronicle and on the city website, and that the board’s recommendation will go to council on July 15. Klingle said the city expects to take the bonds to market July 23 and to receive proceeds around Aug. 26.
Why it matters: the ordinances…
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