Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Mineral Wells officials approve roughly $60 million in bonds to begin Turkey Peak Reservoir construction
Summary
The water district board and the Mineral Wells City Council authorized Series 2024A and 2024B revenue bonds — collectively about $60 million — to fund year‑one construction of the Turkey Peak Reservoir, including dam work, Ward Mountain Road and utility relocations. The Texas Water Development Board has committed up to $200 million in multi‑year funding; detailed amortization schedules and interest rates were presented by Hilltop Securities.
The California County Municipal Water District No. 1 board and the City Council of Mineral Wells approved revenue bond measures on actions tied to the Turkey Peak Reservoir project, authorizing the district and city to issue debt to fund year‑one construction.
The water district board voted to authorize two series of revenue bonds: Series 2024A, a tax‑exempt issue with a principal amount described in the packet as $34,800,000, and Series 2024B, a taxable issue with a principal amount described as $25,200,000. Hilltop Securities presented terms during the meeting, with the tax‑exempt Series 2024A shown at an average borrowing cost of about 3.43% over a 30‑year amortization and the taxable Series 2024B indicated at about 4.42%.
District staff said proceeds from the first draw will pay for initial construction activities including…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
