Flower Mound council approves bonds for street, water projects

Some street, wastewater and water projects will be conducted in Flower Mound after Town Council approved an ordinance to issue up to $7,715,000 in certificates of obligation at its June 17 meeting.

Zooming in

Projects to be performed include:

• Streets: Scenic Road rehabilitation from Walsingham Drive to FM 1171 ($400,000)
• Water: Stonehill Pump Station motor replacement ($2,960,000)
• Wastewater: Glen Chester Lift Station rehabilitation ($1.2 million); Kirkpatrick Lane and Strapeltion Street sanitary sewer rehabilitation ($1.3 million); Timber Creek Park collector rehabilitation from Hanover Drive to Timber Creek Road ($900,000); Upper Timber interceptor from Morriss Road to One Place Lane ($850,000).

The project comes with estimated financing costs of $105,000. Construction projects have different timelines, with each beginning this year, town officials previously told Community Impact.

The background

The certificates will pay for the contractual obligations incurred for street, water and wastewater projects approved on the fiscal year 2023-2024 five-year capital improvement program, the agenda memo states.

In a separate agenda item, council approved an ordinance authorizing the issuance of Flower Mound general obligation refunding bonds, Series 2023, in an amount not to exceed $5,575,000—a move that will save the town some money, said Julie Taylor, town director of treasury operations, via email.

Taylor said the general obligation refunding bonds are being issued to “refinance” the outstanding certificates of obligation from 2015 and compared the refinancing to that of a mortgage refinancing. The outstanding bonds are paying interest rates between 2%-5%, and will be paid off and refunded or refinanced with the $5,575,000, saving the town approximately $417,000, Taylor said.