Council members approved an intent to issue $53.5 million in certificates of obligation during the May 14 meeting.
What you need to know
The intent to issue allows public notices to be published about the bond offering, with a sale to take place later this year. Director of Strategic Financial Engagement Kim Tiehen said the bond funds will be used to pay for water and sewer projects, the service center upgrade, and the Fire Station No. 5 project.
During the meeting, Tiehen also informed council members how the bond funds would be broken down by project, $48 million of which will be serviced using property taxes.
- $24 million for Royal Lane
- $12.5 million for Coppell Service Center
- $11.5 million for Fire Station No. 5
- $4 million for various water and sewer system projects
- $1 million for water system redundancy
- $500,000 to cover costs related to issuing the bonds
Tiehen said an ordinance to authorize the issuance of the certificates of obligation would likely go before council during its July 9 meeting.
