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Mineral Wells approves $68.7M in certificates of obligation and a $10M TWDB grant to fund water system upgrades
Summary
Council authorized Series 2026A ($19.9M tax‑exempt) and Series 2026B ($48.78M taxable to TWDB) certificates of obligation and approved a $10 million principal‑forgiveness grant from the Texas Water Development Board to pay for Hilltop Water Treatment Plant upgrades, raw water intake, pump station and transmission line work; the open‑market sale priced at a 4.29% true interest cost.
The Mineral Wells City Council voted Feb. 17 to move forward on a multi‑part financing package to fund major water‑system improvements.
Staff presented two certificate‑of‑obligation issues: Series 2026A, an open‑market tax‑exempt sale totaling $19,908,847.60 (with $18.5 million deposited to the project fund) and Series 2026B, a taxable issue of $48,780,000 to be marketed and sold…
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