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Northlake Council unanimously approves $15.455 million certificates of obligation for water, sewer and road projects
Summary
The Town of Northlake voted 7–0 to authorize $15,455,000 in certificates of obligation to fund water, sewer and road projects; advisers said a competitive sale produced a ~4.19% true interest cost and the bond premium will cover a $645,000 funding gap to reach the $16.1M project total.
The Northlake Town Council unanimously approved an ordinance on March 13 authorizing the issuance and sale of $15,455,000 in certificates of obligation to fund a package of water, sewer and road projects. Council members voted 7–0 to move the measure forward after staff and the town’s financial adviser briefed the body.
John Thompson, who led the project briefing, said the council previously approved projects totaling $16.1 million and the CO principal amount reflects the…
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