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Keene council adopts drought plan, declines Certificates of Obligation and agrees to pay TWDB match from cash
Summary
The Keene City Council unanimously adopted a water conservation and drought contingency plan required for a Texas Water Development Board grant, then voted not to issue $385,000 in Certificates of Obligation and to pay the city's $355,000 grant match in cash using 60% water/sewer funds and 40% general fund.
The Keene City Council on June 10 adopted an updated water conservation and drought contingency plan and resolved how it will finance required local matching funds for a state water grant.
The council unanimously approved an ordinance to adopt the water conservation and drought contingency plan, a document city staff said is required every five years and is part of accepting a Texas Water Development Board (TWDB) grant for water system improvements.
City officials described the action as necessary to receive a TWDB grant of $3,160,000. Jim Sabonis, the city’s financial adviser with Hilltop Securities, called the grant “a tremendous achievement,” saying the state award covered roughly 90% of a project and the city would be responsible for the remainder.
Council then considered whether to issue City of…
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