Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Utilities Finance topic
No spam. Unsubscribe anytime.
Council approves up to $17.7M in water and sewer revenue bonds for Dover expansion
Summary
Prosper approved authorization for Waterworks and Sewer System Revenue Bonds, Series 2026, of just over $17 million (not to exceed $17.7M) to finance the Dover branch expansion (~$16.5M) and an elevated storage tank rehabilitation; bonds are revenue-backed and not voter-authorized.
The Town of Prosper authorized the issuance and sale of Waterworks and Sewer System Revenue Bonds, Series 2026, to fund water and sewer capital projects. Chris Landrum told the council the anticipated par amount is just over $17,000,000 and not to exceed $17,700,000, with a maximum 20-year maturity and a true interest cost cap of 5%.
Landrum said this issuance would fund the Dover branch expansion (approximately $16,500,000) and rehabilitation work on the elevated storage tank at Craig Road. He explained these revenue bonds are paid from utility fund revenues and do not affect the town's general obligation tax rate. Council moved, seconded, and voted unanimously to approve the authorization.
