Parks and town improvements will be coming to Trophy Club after its Town Council approved an ordinance authorizing the issuance of certificate of obligation bonds of $7 million Aug. 14.

The vote was 4-1 with Mayor Pro Tem Dennis Sheridan opposing. Council Members Stacey Bauer, Jeff Beach, Steve Flynn and LuAnne Oldham supported the measure. Mayor Jeannette Tiffany and Council Member Karl Monger were absent.

What they're saying

Sheridan said it was “ridiculous” for the council to give staff a “fluff fund” of $7 million in a bond bank account. Flynn said council had already given direction to staff about the matter before, and he couldn’t see the sense of turning against that direction now.

The details

The bonds come with a 20-year payoff to be utilized for designing, developing, constructing, improving and renovating town parks and green spaces, including parks and recreation facilities such as sports fields, as well as acquiring land, according to documents. Also included are designing, developing, constructing, improving, extending and expanding streets, thoroughfares, sidewalks, bridges and other public ways of the town. This includes streetscaping, street facilities, street lighting, right of way protection, utility relocation and related storm drainage improvements. In addition, money will be used to acquire rights of way in connection with town public parking facilities located at Trophy Club Town Hall.

In the bid process, council awarded the bid of certificates of obligation to BOK Financial, which has an office in Dallas.

Also of note

Also at the meeting, council approved setting a budget hearing date of Sept. 11 for its fiscal year 2023-24 proposed general fund budget of $14 million. Staff recommended a FY 2023-24 tax rate not to exceed $0.415469 and set a public hearing for Sept. 25.