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Cleveland authorizes certificates of obligation to unlock $14.4M TWDB water grant, approves wastewater financing notice
Summary
Council approved certificates of obligation and grant agreements tied to $14.4 million in Texas Water Development Board funding for water projects and published notice for wastewater financing connected to a Clean Water SRF award.
CLEVELAND, Texas — The Cleveland City Council on Jan. 20 approved the issuance of combination tax and surplus revenue certificates of obligation that will provide the local match needed to secure a $14,442,840 Texas Water Development Board (TWDB) grant for water infrastructure work.
City financial advisor Joe Morrow told the council the package includes a $1,605,000 loan component (a discounted Rural Water Assistance Fund loan with a quoted interest rate of about 2.4264 percent over 20 years) and a $14,442,840 grant; together the total project funding was described as approximately $16,050,000. Council also approved the companion grant agreement, both votes passing 5–0.
Separately, staff sought council approval to publish notice of intent to issue additional certificates of obligation tied to wastewater repairs under the TWDB Clean Water State Revolving Fund. Pam Harrison and staff described a $10,000,000 grant component plus low- and zero-interest loan portions; council approved the notice resolutions unanimously.
Mayor Danny Lee and councilmembers praised staff and external advisors for securing large grant awards; staff said notice timelines and debt schedules are in the meeting packet and that public notices will run as required before final debt issuance and grant execution.
