City Council provides notice of intent to issue certificates of obligation

The City Council approved two resolutions Thursday, Feb. 27, to provide notice of the City’s intent to issue certificates of obligation (COs) for a pair of projects. The City Council will vote on the sale of the COs on April 23.

COs allow the City to borrow money for municipal projects.They are backed by property tax revenues, but can be repaid from other revenue sources.

The first resolution is for up to $30 million to fund the second phase of the City’s five-year transportation improvement program. The funds are intended to fund projects such as improvements to Gattis School Road, Kenney Fort Boulevard, Logan Street, McNeil Road, North Mays Street, Oakmont Drive, Old Settlers Boulevard, Red Bud Lane, University Boulevard and Wyoming Springs Drive.

The City plans to use property tax revenues to repay the transportation COs. The Council approved the first $30 million in debt for the $240 million, five-year transportation program last April.

The second resolution is for up to $30 million to fund public improvements related to the Kalahari Resorts project. The money will be used for constructing transportation improvements — including U.S. 79, Harrell Parkway, Joe DiMaggio Boulevard and Kenney Fort Boulevard — as well as utility infrastructure to necessary to serve the project.

The City will use tax revenues generated by the project to repay the COs for the Kalahari public improvements. 

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