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During its Oct. 24 meeting, Montgomery City Council unanimously approved publishing a notice of intent to issue $5 million in certificates of obligation—a way cities can borrow money—to fund water infrastructure projects.
Council discussed the certificates during an Oct. 23 workshop meeting.
In a nutshell
City Administrator Gary Palmer said the estimated cost of projects anticipated to be paid for with the certificates is around $3.5 million.
“Many of those projects [in the capital improvement plan] are water infrastructure projects that we must do next year just to maintain infrastructure,” Palmer said.
Stay tuned
At council’s Dec. 12 meeting, city staff will ask council to authorize the issuance of the certificates of obligation, according to the Oct. 24 agenda packet. The city should receive the funds a couple of weeks after that.
