The council voted 6-1 during its March 21 meeting to approve the sale, with funds coming from not only the city’s November bond election, but also from unissued general obligation bonds from past voter-approved elections in 2003 and 2014, according to the city’s March 21 agenda report.
Called the General Obligation Bonds, Series 2022, the bonds will fund drainage, facilities, streets and parks projects, according to agenda documents.
Projects include $2 million for a rehabilitation project at Kitty Hollow Dam, $2.82 million for a Fort Bend mobility project on Knight Road, park maintenance projects across the city worth $1.4 million, and $500,000 in design costs for the city’s Sta-Mo Sports Complex.
In total, the council approved a not-to-exceed amount of $20 million. This amount includes the $10.89 million in newly issued bonds in addition to $8.93 million in refunding bonds issued in Certificate of Obligation Series 2010A and General Obligation Refunding Bonds, Series 2013.
With the sale of the bonds approved by the council, Missouri City will send a transcript of the sale to the Texas Attorney General for review, said Allena Portis, the city’s director of financial services during the meeting. Should that review be successful, Missouri City would have those funds in hand by April 19.
Even with the approval of the bond sale, Missouri City still holds over $91 million in bonds that have yet to be issued, according to agenda documents. That includes over $80 million that still remain from the voter-approved November bond election.
