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Council approves early payoff of small outstanding TWDB certificates to avoid reporting burden
Summary
Council approved Resolution R‑3998 to call and redeem the city’s Combination Tax and Revenue Certificates of Obligation, Series 2010, because the remaining balance (~$84,000) is small and reporting requirements to the Texas Water Development Board are onerous, staff said.
City finance staff described a plan to defease and redeem the city's Combination Tax and Revenue Certificates of Obligation, Series 2010. The outstanding payoff balance is approximately $84,000; staff said there are four remaining payments of roughly $21,000 per year (2026–2029) and recommended early payoff to remove TWDB reporting obligations that recently tightened.
Louis (S6) told council the original issuance was about $414,000 and that the loan had been in place for 15 years; council approved the resolution by voice vote and staff will present a budget amendment to cover the remaining payoff amounts in a future council action.
