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Prosper council approves bond ordinances to fund wastewater, parks and street projects
Summary
The Prosper Town Council on June 10 approved parameters ordinances delegating sale of two bond issues: up to $34.85 million in waterworks and sewer revenue bonds and a general obligation refunding and improvement issuance of roughly $50 million that includes about $19.45 million in new money for streets.
The Prosper Town Council on Tuesday unanimously approved parameters ordinances that authorize staff to sell two bond issues to finance water, wastewater, parks and street projects.
Finance Director Chris Landrum told the council the revenue bond issuance would be “roughly $34,000,000” for new wastewater projects, and that the parameters ordinance sets a maximum not-to-exceed amount of $34,850,000, a maximum true interest cost of 5 percent and a maximum maturity of 20 years.
The council also adopted a parameters ordinance for a general obligation (GO) refunding and improvement bond sale the same night. Landrum said that issuance would total “just south of $50,000,000,” including…
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