City staff was granted the authority to issue a total of nearly $106.87 million in voter-approved general obligation bonds. Of that total, $88 million will be new money for road infrastructure, public safety equipment, parks facilities, a remodel of Frisco City Hall and costs of issuance per the city’s bond program plan, according to city documents.
In addition, $12 million is earmarked for the performing arts center construction agreement and costs of issuance, according to city documents. More than $6.87 million will go toward refunding bond money from 2011 for savings to the city in interest costs.
“This is something that our staff is continuously looking at with any of our prior bond sales to see if we can do those refinances to lower those interest costs, which helps save the taxpayers money,” Mayor Pro Tem Bill Woodard said.
In addition, council members allowed city staff to issue certificates of obligation bonds totaling more than $54.52 million.
A total of nearly $14.8 million will go toward waterworks infrastructure, sanitary sewer infrastructure and reuse water system improvements. The remaining $39.72 million will go toward infrastructure projects such as roadways and parking garages.
Council Member Shona Huffman said it was important to note these kinds of bonds are “self-funded bonds,” which use revenue generated from water and sewer rates, and tax increment reinvestment zones.
“They are not things that would specifically add to the taxing responsibility of the residents,” Huffman said.
City Council also gave the Frisco Community Development Corp. authority to refinance $16.23 million in sales tax revenue bonds. Estimated total debt service savings for the FCDC is nearly $1.54 million over the final life of the bonds, according to documents.
The Frisco Economic Development Corp. was also granted authority to refinance nearly $17.19 million in sales tax revenue bonds. Estimated total debt savings for the FEDC is nearly $1.34 million, city documents showed.