McKinney City Council unanimously authorized roughly $124 million in bond sales across three different bond packages to fund several city projects as part of the city’s Capital Improvement Program during a March 18 council meeting, according to city documents.

In a nutshell

Council unanimously approved all three bond packages, all to be paid back over 20 years. The bonds include:

• $37 million in general obligation bonds
• $29.2 million in bond refunds from general obligation bonds issued in 2014 and 2015
• $30 million in certificates of obligation
• $25 million in water and sewer revenue bonds
• $2.9 million in bond refunds from water and sewer revenue bonds issued in 2015

Zooming in

The certificates of obligation include $20 million in general obligation bonds to finance renovations for the Roy and Helen Hall Memorial Library, as well as additional $10 million for McKinney Performing Arts Center renovations, according to a presentation from McKinney Chief Financial Officer Mark Holloway.

The general obligation bonds include $11.5 million for public safety uses. The $11.5 million came from the $350 million approved by voters in the 2019 bond election, which is now nearly completely spent, Holloway said. The remaining general obligation bonds include $2.5 million for parks and recreation uses, and $23 million for streets. Both bond issuances were approved by voters in a 2024 bond election.

The $25 million in water and sewer bonds will cover several projects, according to the presentation, including:

• Water main replacements
• Water storage tank maintenance
• Wastewater capacity improvements
• Water and wastewater infrastructure improvements

City officials are working to reaffirm the city's bond ratings ahead of the bond sales, which are expected to close in mid-June, Holloway said.