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Duncanville to issue COs and accept principal forgiveness for lead service‑line inventory project
Summary
Council authorized certificates of obligation to fund the city’s share of a Texas Water Development Board project to inventory and field‑verify service lines; staff said the city’s portion is about 49% while principal forgiveness will cover the remainder.
The council approved issuance of combination tax and surplus revenue certificates of obligation to fund the city's share of a Texas Water Development Board‑supported project to inventory and verify service‑line materials and identify potential lead service lines.
CFO Richard Jackson briefed the council: the total project cost submitted was just under $2.9 million, and the city's responsibility is roughly 49% (about $1.41 million), with the remainder (about $1,467,531) to be treated as principal forgiveness through the TWDB program. Jackson explained the COs were structured for a 10‑year repayment period and noted the financing came with a 0% interest component for the forgiveness portion; staff also explained that project funds will be held in escrow with US Bank as escrow agent and disbursed only for approved project costs. Council approved the ordinance to issue $1,410,000 in COs and separately approved the required principal forgiveness agreement and escrow procedures.
