Flower Mound Town Council approved an ordinance June 19 authorizing the issuance of certificate of obligation bonds for nearly $7.9 million for the purpose of paying for water works and sewer system improvements and establishing parameters for the sale and issuance of such bonds, among other aspects of the ordinance.

The background

The certificates will pay for the contractual obligations incurred for water and wastewater projects approved in the fiscal year 2022-23 five-year capital improvement program, according to a council agenda memo. In October, the council approved a reimbursement resolution for an amount not to exceed $7.9 million to fund improvements to water and wastewater system projects and the costs of issuance of the debt.

The details

Projects to be targeted from the bonds, with information provided by the town:
  • Cedarcrest water line: $1.08 million; construction will start in winter 2023 and finish next spring.
  • Morriss Road water lines Phase 3 (Eaton to Waketon Road): $2.28 million; construction will begin next spring and finish in spring 2025.
  • Royal Oaks water line replacement Phase 1: $1.23 million; construction will start this summer and finish this fall.
  • US 377 at FM 1171 water line loop/relocation: $1 million; construction will start next spring and finish in winter 2024.
  • Lower Timber interceptor rehabilitation (Paisley Drive to Rockcreek Court): $2.16 million; construction will begin this fall and finish next spring.