A resolution authorizing the posting of a notice of intention to purchase certificates of obligation in an amount not to exceed $9 million was approved during the Nov. 14 Cibolo City Council meeting.

The details

The resolution lists nine projects that would be covered by the bond funds, including:

• Fire fleet—engine/pumper
• Fire fleet—ladder truck
• Loose equipment—fire truck
• Public works fleet
• Lower Seguin Road
• Deer Creek low water crossing gates
• Park improvements
• Change in cost for three road projects
• Land acquisition

Of these listed projects, work on Lower Seguin Road makes up the largest portion of the funds, with an estimated $3.82 million needed for the project.

During the budgeting process, council gave direction on capital projects to be funded in the fiscal year 2023-24 budget, which includes the projects to be financed by debt issuance, according to documents submitted to council.

Since the city has budgeted funding for the listed projects, City Council also approved a resolution allowing the city to reimburse itself using the certificates of obligation. With this resolution, city staff can begin the procurement process for the projects prior to the issuance of debt.

What’s next?

With the approval of the resolution, public notices are required to be published prior to the sale. The certificates of obligation are scheduled to be issued in January with proceeds delivered in February.