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Granbury council directs city manager to pursue $20M bond, favors 10‑year option to fix streets
Summary
The Granbury City Council voted 5‑0 to direct the city manager to pursue a $20 million bond to fund phase 1 of the street capital improvement plan, choosing a 10‑year structure that staff said lowers total interest costs and yields a larger bond premium than a 20‑year option.
The Granbury City Council on the motion of a council member voted unanimously to direct the city manager to pursue a $20 million bond using a 10‑year structure to fund phase 1 of the city’s street capital improvement plan.
City Manager Kaufman told the council staff were seeking direction, not final approval, and that if the council chose a path staff would return a formal resolution at the next meeting. “There’s not any grant funds available for road repair or road construction,” Kaufman said, and staff presented two financing options tied to a $20,000,000 bond issuance and packet worksheets showing comparable scenarios.
The council and staff reviewed projections in the packet showing the current interest and sinking (I&S) tax rate at 17.3¢. Kaufman said the packet shows the I&S rate would rise to about 19.67¢…
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