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Forney council workshop reviews 10-year facilities plan and financing options
Summary
City staff and consultants presented a long-range facilities strategy and debt scenarios, including bond and certificate of obligation (CO) options, and requested direction on priorities such as a public safety complex, library and parks improvements.
Forney City Council held a workshop May 20 focused on a long-term facilities plan and how to pay for it, hearing presentations from the city's municipal advisor and WRA Architects on debt capacity, legal constraints and possible project packages.
City staff and consultants said the city's debt profile declines sharply in coming years, creating capacity for new projects without substantially increasing the interest-and-sinking (I&S) portion of the tax rate. "The city's debt profile declines very rapidly," Nick Bulash, the city's municipal advisor from Hilltop Securities, told council members, adding that Forney currently carries AA/Aa2 ratings from Standard & Poor's and Moody's.
Bulash summarized legal and practical options for financing new buildings: general obligation (GO) bonds, certificates of obligation (COs) and tax notes. He noted key state constraints…
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