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Council authorizes $25.31 million certificates of obligation for facility energy projects and generators; effective rate 4.386%
Summary
The Abilene City Council approved issuance of certificates of obligation to fund energy improvements at city facilities and generators for water plants, with $10.63 million tax supported and about $15.86 million water/sewer supported. Officials said water/sewer revenues cover that portion and the effective interest rate on the issue is 4.386%.
The Abilene City Council authorized the issuance and sale of certificates of obligation to fund energy improvements at city facilities and to purchase generators for water treatment plants.
Marjorie Knight, the city's director of finance, told the council the financing will support energy improvements and generator purchases. She said an estimated $10,000,000 would be supported by property tax revenue and $15,000,000 would be supported by water and sewer revenues. Knight later provided final figures in the presentation: the issue was structured with an approximate par amount of $25,310,000 and total…
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