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Council briefed on $23 million certificates of obligation to fund roads, public-safety technology and water projects
Summary
At a May 14 budget work session the council was briefed on a proposed $23 million certificates of obligation issuance—split between general‑obligation (streets/public safety tech) and utility projects (water system repairs)—and on a pending state bill that could limit future debt capacity if not closed before an expected Sept. 1 effective date.
City Council members at a May 14 budget work session reviewed a plan to issue up to $23 million in certificates of obligation to pay for street work, updated dispatch software and a range of water and sewer repairs.
The presentation by Jason Hughes (presenter) outlined about $6.6 million in projects tied to the city’s interest-and-sinking (I&S) tax rate — largely road work (McMillan Road) and public-safety technology — and roughly $16.4 million for utility projects including water service line replacements, cast-iron main replacements, a Timber Ridge street rebuild and maintenance on the Rodeo Drive elevated storage tank. Hughes said the two purposes would be issued together but kept separate in the city’s accounting and that the general‑fund portion was assumed at a conservative 20‑year repayment schedule.
Why this matters: Hughes told the council the schedule is accelerated in part because of proposed state legislation (House Bill 19) that would, as currently drafted, cap a jurisdiction’s annual debt-service payments at 20% of the three‑year average of…
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