The city of Richardson plans to issue over $47 million worth of debt in 2022, according to a Feb. 14 presentation made to council.
Nearly $30 million of the debt will be used for issuing general obligation bonds, which are tax exempt, voter-approved costs, Richardson Director of Finance Keith Dagen said. These bonds include $10 million for the improvement of streets, nearly $4 million for sidewalks, $6.5 million for drainage and $1.4 million in park maintenance.
All of these measures are part of the $190 million worth of bonds that was approved during the 2021 election. This issuance will cover the first year of the bond package.
Dagen said another $15.6 million of the debt sale will be used to issue certificates of obligation. This involves debt incurred on short-term expenses that does not require voter approval. Certificates of obligation will be used to pay for $1.4 million of fire equipment, over $1.2 million of solid waste equipment and over $13 million for water and sewer infrastructure improvements, according to the city’s presentation.
