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Council authorizes publication of notice to issue certificates of obligation for fire truck and road projects
Summary
Hurst City staff presented a notice of intent to issue certificates of obligation totaling $13 million—$7 million for a fire truck and $6 million for streets, drainage and sidewalks—and the council authorized publication of notices with staff saying the issuance should have little or no impact on the tax rate.
Finance staff (Clayton, S15) presented Resolution 19-14, a notice of intent to publish that the city intends to issue certificates of obligation for capital maintenance: roughly $7,000,000 for a replacement fire truck and $6,000,000 for streets, drainage and sidewalks. Clayton said staff examined existing debt and market conditions and "we believe that this $7,000,000 issuance would not impact the tax rate" and noted the city's debt policy ceiling of 25% (current debt at ~14%).
Council discussion emphasized using certificates of obligation for maintenance-type work and leveraging county partnerships and existing bond programs to stretch dollars. A motion to authorize publication of the notice was made and approved by voice vote.
