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The Coppell City Council recently voted unanimously to publicize a notice of intent to issue certificates of obligation. Per local government code, the City must publish a notice of intent to issue bonds once a week for two weeks prior to issuing the debt. The Council's action at this meeting gave City staff the necessary approval to begin publicizing the notice of intent.
"The City's AAA bond rating is significant when it comes to issuing debt because it lowers the cost of borrowing for Coppell taxpayers," said Jennifer Miller, Director of Finance. "We will realize significant savings over the life of the Certificates of Obligations issued for these projects. This means that we are able to be better stewards of public monies while still taking on projects that positively impact the lives of our residents."
A portion, $2.8 million, of the Certificates of Obligation will be used for the cost of land associated with the construction of Fire Station 4. These funds will also be used for costs related to the design of Fire Stations 1 and 4.
Further, the certificates of obligation will be allocated to fund various waterworks, sewer system, streets and drainage projects, including:
According to Kim Tiehen, Deputy Director of Finance, if the certificates of obligation are approved by Council, the waterworks and sewer portion of the debt, which totals $15.5 million, would be repaid from water and sewer revenue. The remaining debt, $15.6 million, would be repaid from the debt portion of the property tax rate.
For more information about of certificates of obligation or other sources of City funding, contact the Finance Department at 972-304-3691.
View the Notice of Intention to Issue Certificates of Obligation.