Grapevine City Council met June 4 and approved the issuance of $24.7 million in bonds to fund the design and construction of a new animal shelter facility, fire stations No. 2 and 3 and a golf course clubhouse. Residents approved these projects in a bond referendum in November 2017.
The projects are currently in the design phase, Grapevine Capital Budget Director John Butkus said in an email response. Construction is set to begin in the fall and be complete in 2020, weather permitting.
The city also received an upgrade in its Moody’s bond rating from AA2 to AA1.
Bond ratings are used to indicate the financial health of bond issuers and their capacity to repay the principal and interest, according to the Corporate Finance Institute.
The improved bond rating helped Grapevine save about $200,000 in interest on the bond issuance, Butkus said in the email.
Many factors contributed to the upgrade, Grapevine Chief Financial Officer Greg Jordan said at the June 4 meeting. Those factors include the city’s strong overall management, its robust economic development program and the quality of businesses it has attracted and retained over the years.