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Denison council directs publication of notices for $53M and $4.9M certificates; Series B tied to lead-service-line program
Summary
The council approved resolutions to publish notice of intent to issue up to $53 million in Series 2025 A certificates and up to $4.9 million in Series 2025 B. Series A will fund water/sewer CIP and other projects; Series B will fund Denison’s share of a lead service line replacement program backed by Texas Water Development Board assistance.
The Denison City Council voted unanimously to direct publication of notices of intent for two proposed combination tax and revenue certificates of obligation: Series 2025 A (principal not to exceed $53,000,000) and Series 2025 B (principal not to exceed $4,900,000).
Finance staff told the council Series 2025 A will primarily fund the city’s annual water and sewer capital-improvement plan, the D3 Phase 2 streetscape, power station designs discussed during the budget process, and to cover the recently authorized Waterloo Pool repairs. "The principal amount of this issuance will not exceed $53,000,000," the finance presenter said.
Staff said notices of intent will be published on Nov. 24 and Dec. 1, an ordinance to authorize issuance will be brought back to council on Feb. 17, 2025, and funding is scheduled for March 19, 2025.
For Series 2025 B, staff said Denison applied to the Texas Water Development Board and obtained approval for $10,000,000 in assistance for a lead service line inventory and replacement program; about 51% of that package is grant forgiveness and 49% is a low-interest loan. The city’s local issuance for that program will be approximately $4.9 million. Notices and the ordinance schedule mirror Series A.
Mayor Pro Tem Adams moved to adopt the resolution for Series 2025 A; Councilman Thomas seconded. The council later moved and adopted the resolution for Series 2025 B, with Mayor Pro Tem Adams again as the mover. Both motions passed without recorded opposition.
Staff said they will publish the notices as directed and return to council on the February ordinance schedule to finalize authorization and sale timing.
