City of Richardson to issue more than $76 million worth of debt in 2020

Richardson City Council approved the issuance of more than $76 million worth of debt at its Jan. 27 meeting. (Makenzie Plusnick/Community Impact Newspaper)
Richardson City Council approved the issuance of more than $76 million worth of debt at its Jan. 27 meeting. (Makenzie Plusnick/Community Impact Newspaper)

Richardson City Council approved the issuance of more than $76 million worth of debt at its Jan. 27 meeting. (Makenzie Plusnick/Community Impact Newspaper)

The city of Richardson will issue more than $76 million worth of debt in 2020, according to a Jan. 27 presentation made by George Williford, managing director at HilltopSecurities, the city’s financial advisor.



Roughly $47 million will be used to issue general obligation refund bonds, which refinance the city’s existing debt.



About $15 million will be used to issue general obligation bonds, or voter-approved costs related to the maintenance of municipal buildings, improvements of streets and sidewalks, and the upkeep of parks and recreation facilities.



The remaining $14 million will be used to issue certificates of obligation, or debt incurred on short- or long-term expenses that do not require voter approval. Certificates of obligation are used to pay for information technology, fire and solid waste equipment as well as costs related to water and sewer infrastructure, the city's Director of Finance Keith Dagen said.



Once this debt has been issued, Dagen said the city will have $13.3 million left of the $115 million bond approved by voters in 2015. The remaining debt is scheduled to be issued in 2021.



The next municipal bond election is expected to go before voters in November 2021, according to the city.



Council approved the debt issuance in three separate votes. All were approved unanimously.



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