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Southlake City Council approved a maximum of $14 million in certificates of obligation bonds during the April 21 meeting for various construction and infrastructure projects in the capital improvement program.
During the Feb. 17 meeting, council previously authorized the publication of the intent to issue certificates of obligation for capital improvement projects for $13.5 million.
According to city documents, the city would receive the funding in late May.
What happened
The capital improvement program has more than $36.7 million planned for projects for fiscal year 2025-26, which spans from Oct. 1, 2025, to Sept. 30, according to previous reporting. The funds will go toward constructing, improving, extending and equipping the city’s combined waterworks and sewer systems, including the purchase of land and rights of way; constructing, improving and renovating streets, alleys, culverts and bridges; as well as drainage and erosion control, landscaping, screening walls, curbs, gutters, sidewalks, lighting, signage and traffic signalization, according to city documents.
The city’s property tax will repay the debt for the mobility projects, while the stormwater drainage funds will repay the debt for the drainage projects, according to city documents.
What else?
James Sabonis from Hilltop Securities spoke to the council about the sale of the bonds that happened April 21. He mentioned there were 10 bidders, which he said was more than usual. Sabonis said his company undertook several requests that morning, which had only four bids.
The city received an interest rate of nearly 2.96%, he said.
“It's kind of indicative of how well Southlake is perceived in the market,” Sabonis said.
The sale included $11.6 million in general infrastructure and $1.9 million for stormwater infrastructure.
What they’re saying
“We're at that stage of our city's history where we're celebrating our 70th birthday this year,” Mayor Shawn McCaskill said. “Not all of our infrastructure is 70 years old, but we want to get ahead of fixing those replacements before they actually break, so we'll stay ahead of the game and not have any catastrophe.”
