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Council hears plan to issue $7.075 million in certificates for two road projects
Summary
Staff told council it is seeking authorization to issue $7,075,000 in certificates of obligation toward Highland Shores Boulevard and Highland Village Road projects (estimated total $13.5M), with Denton County bond funds identified for roughly half; staff emphasized debt‑service targets and contingencies.
City staff presented a financing plan for two major street projects and asked council to authorize issuing certificates of obligation.
“The total for the projects is estimated at, 13,500,000… so we are looking to issue, 7,075,000 certificates of obligation,” the presenter said, noting Denton County identified $6.4 million in its bond program to support the work. Staff said the city aims to keep debt service between 12% and 16% of the total tax rate, with a ceiling of 20% under its debt policy.
The projects include Highland Shores Boulevard and Highland Village Road; staff added contingency to account for inflation and higher materials costs. Council discussed timing and phasing, and staff said some Denton County allocations could be available in spring 2026. The certificates and project financing will be on the Sept. 9 agenda for authorization.
