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Council hears first reading on stormwater bonds to fund North Cameron project and other drainage work
Summary
On first reading city staff presented a proposed revenue-bond issuance not to exceed $11,850,000 to finance stormwater capital projects including completion of the North Cameron drainage project, box-canal culvert replacements on Millwood Avenue, and a stream restoration at Jim Barnett Park; council did not vote on issuance at the first reading.
City staff presented a first-reading ordinance authorizing the issuance and sale of stormwater system revenue bonds in an aggregate principal amount not to exceed $11,850,000 to finance specified stormwater capital improvement projects.
Barry Eisenach and staff said the loan would be a 20-year revenue bond expected to be paid entirely from stormwater fees, with no general-fund impact. Staff estimated an interest rate of…
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