Editor's note: This article has been updated to show that about $1.65 million in certificates of obligation will go toward container equipment and trash trucks.

The city of Richardson is preparing to issue more debt later this year, based on a resolution approved by Richardson City Council.

During a Feb. 26 meeting, council members approved a resolution that will allow city staff to move forward with publishing a notice to issue nearly $21 million in certificates of obligation, which will help the city purchase equipment and expand services, later this year.

Two-minute impact

According to city documents, the city is preparing to issue over $20.95 million in certificates of obligation to cover several costs. Richardson Director of Communications and Engagement Greg Sowell said the costs have the following breakdown:
  • $3 million for library renovations
  • $1.61 million to pay for a fire engine pumper truck and an ambulance
  • $1.65 million for container equipment and five trash trucks
  • $14.7 million for water and sewer projects, including a water line, a lift station and other infrastructure replacements
The notice of intent to issue the certificates of obligation is required to inform the public of when council will consider an ordinance to sell the bonds. Certificates of obligation are a type of bond that cities can issue without having to hold an election.

What’s next?

Per city documents, council plans to consider approving an ordinance authorizing the sale of the certificates of obligation during the April 22 meeting.