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Public Utility Board recommends publication of $46.535 million certificates of obligation notice
Summary
The City of Denton Public Utility Board recommended that the City Council publish a notice of intent to issue $46,535,000 in certificates of obligation; board members voted to forward the recommendation to council and the sale is expected in late summer.
The Public Utility Board (PUB) for the City of Denton on May 19 recommended that the City Council publish notice of intent to issue $46,535,000 in certificates of obligation (COs) and directed staff to post the notice as required by state law.
The recommendation came after a staff presentation on the notice and funding allocations. "The notice of intent is required by state law for certificates of obligation only, and we will post the notices in the Denton Record-Chronicle," Randy Klingle, treasury manager, told the board. He said the notices will also be posted on the city website until the bond sale in late summer.
Why it matters: publishing the notice of intent starts the statutory timeline for issuing COs and informs the public of planned borrowing and the projects the bond proceeds would reimburse. Per the presentation, proceeds would support multiple utility funds and projects that staff described as related to growth and maintenance.
Board members did not request further detail on the individual projects during the PUB meeting; the staff packet provided a project list and staff said the City Council will review a full bond ordinance later. Klingle said the next steps are council review, a return to PUB for the full ordinance on June 23, a council review on July 15 and a bond sale on July 23, with funds expected in late August.
Staff cited fund-level totals that will appear on the notice of intent: solid waste $11,100,000; water utility $80,614,615; wastewater $77,100,000; electric utility $47,900,000. Klingle also said some totals include issuing costs and price flexibility for the July sale.
The PUB voted to recommend the notice of intent and to forward the item to City Council. The board recorded the motions and vocal approval; the chair announced the actions passed unanimously. The meeting record does not list individual roll-call votes or counts in the posted transcript.
Looking ahead: staff told the board the council will receive the notice of intent for review the following day and a full bond ordinance will return to PUB and council in June and July for final approval and sale.
Votes at a glance: the PUB recommended publication of the notice of intent to issue $46,535,000 in COs; the recommendation passed unanimously at the May 19 meeting. Individual vote names were not listed in the meeting transcript.
