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Council approves $9 million certificates of obligation to fund police, fire and Circle Trail projects
Summary
Wichita Falls council approved an ordinance authorizing $9 million in certificates of obligation to renovate a police headquarters and municipal court, refurbish a fire station, repair the Falls landmark and finish the Circle Trail; council and public debated whether the borrowing addresses East Side needs.
The Wichita Falls City Council voted May 19 to authorize issuance and sale of $9,000,000 in combination tax and limited surplus-revenue certificates of obligation (series 2026) to fund a package of public-safety and quality-of-life projects.
City presenter Steven (identified in the meeting as 'Steven') said the financing will primarily fund the renovation of Kirby Middle School into a police department headquarters and a new municipal court, renovations to Fire Station 4, repairs and improvements to the Falls landmark and completion of the Circle Trail. He said the issuance is for a 20-year term, that the city holds a AA (double-A) bond rating, that the COs do not increase the property tax rate and that the total debt service over 20 years is $40,787,655.57.
Council members asked for comparisons to peer-city debt levels; the presenter said Wichita Falls’ annual debt support is well below typical cities of similar size. The presenter also highlighted local savings and potential donated funds that would be used alongside borrowing.
During public comment, several East Side residents asked whether certificates of obligation could or would be used to address neighborhood drainage and flooding; staff and council said COs are a financing tool that can be used for a variety of projects but that a specific project must be identified and prioritized. Staff committed to returning with a drainage-study recommendation in June to identify projects that could be funded.
A motion to approve Ordinance 10a was moved and seconded and passed on a voice vote; the meeting did not record a roll-call vote or per-member tallies in the transcript.
Actions and fiscal details: the presenter stated a $9,000,000 principal amount with 20-year term and provided an estimated total debt service of $40,787,655.57; council noted that some 4B funds will replace previous appropriations and that the COs were presented as keeping the city’s debt burden comparatively low.
Next steps: staff will proceed with documents necessary for sale and execution of the certificates and will incorporate community feedback from the June drainage-study update where applicable.
