The city is seeking to use certificates of obligation, a type of financing tool to issue debt that does not require voter approval.
City Council approved a mandate at its Sept. 28 meeting that will start the process of acquiring the money.
Assistant City Manager Ken Heerman said more information about the projects will be shared on the city website before the money is issued in December. This will give residents time to petition against the issuance if they disagree with it, he said.
“The timing is perfect because we have some expiring debt we can match up,” Heerman said. “So we can issue this new debt with no effect on our tax rate.”
As part of this effort, Highland Village also plans to refinance $15.263 million in existing debt, which will save the city about $1.2 million.
With the certifications of obligation, the city intends to use about $8 million for street and drainage projects and $6 million for various park improvements. See the staff memo below for a list of specific projects.
