During a Dec. 6 meeting, Grapevine City Council unanimously approved issuing $14.5 million in certificates of obligation. The $14.5 million price tag will be split between $14.1 million for capital projects and the remaining amount of about $350,000 for the cost of issuing the certificates of obligation.
Certificates of obligation, also known as COs, are a form of bond issued to pay for nonroutine expenses. Unlike general obligation bonds, which must be voter approved, COs provide cities with more flexible spending abilities.
“The debt program is extremely critical for the long-term sustainability of the city,” Grapevine Chief Financial Officer Greg Jordan said in a Sept. 20 council meeting.
The COs will be used to pay $6.7 million for vehicle replacements, $4.9 million for streets and $2.5 million for parks.
Jordan said purchasing vehicles will remove end-of-life vehicles with comparable replacements. The city will purchase two 100-foot ladder trucks, one pumper truck, two ambulances and five pickup trucks for the fire department. Seven pursuit vehicles will be purchased for the police department, according to the Sept. 20 meeting presentation.
The costs related to streets will go to reimburse a $4.9 million resolution approved April 21, 2020, the presentation stated. The resolution covered several city street projects, including the reconstruction of East Worth Street and improvements to lighting and sidewalks along Main Street.
For parks, the work will cover beautification along SH 26, in the Entertainment District. The other park project is Settlers Park, a 15.9-acre regional park that will focus on outdoor programming and environmental education.
