The $61.12 million in new debt is part of West University Place’s fiscal year 2022-23 budget and is to be paid down over the next 25 years.
Certificates of obligation—also called COs—are a form of bond issued in order to pay for large nonroutine expenses. Unlike general obligation bonds, COs do not require voter approval, providing more flexible spending to cities.
Notice for COs must be given at least 45 days prior to issuance. While no vote is required to issue COs, if 5% of eligible voters in a city petition, the bonds become subject to an election.
These are the projects planned and the amounts expected to be paid through the city’s new debt.
- Public works maintenance facility: A new 21,000-square-foot Field Operations Facility will house the city's facilities, vehicle and parks maintenance, public works operations, general services, water, sewer, and solid waste. $12.43 million
- Buffalo Speedway rehabilitation project: The project involves replacing a 2,200-foot water main, new road surfacing between Bissonnet Street and Holcombe Boulevard, and the installation of storm sewer pipes from Bissonnet to Poor Farm Ditch. $2.3 million
- East end citywide street drainage improvements: Drainage improvements and subsequent street reconstruction would be made across West University Place’s east side. $15.77 million
- Cast iron water line replacement: Funds cove the design for replacing of 17,700 feet of outdated cast iron water lines. $300,000
- Milton cast iron water line replacement: Funds cover the replacement of the existing cast iron water lines with new PVC pipes. $3.4 million
- Law Street water line installation: A 2-inch water line will be installed along Law Street. $290,000
- Wastewater treatment plant improvements: Funds cover the construction of an elevated administrative building and mechanical upgrades for the city's wastewater treatment plant. $17.34 million
- Wastewater reuse: New infrastructure will be built that is capable of reusing nondrinking water. $8.18 million
- Wakeforest painting: Funds cover the replacement of the exterior coating on the Wakeforest Water Plant’s elevated storage tanks as well as pipe and vent maintenance. $1.11 million