The Waxahachie City Council authorized a $35 million bond package Tuesday, awarding the sale of the bonds to Southwest Securities.
The city received five bids as of the 11 a.m. Tuesday deadline, Ken Smith of Southwest Securities said, adding that all bids were accepted electronically.
The bonds, which are combination tax and revenue certificates of obligation, all qualified for insurance, Smith added.
Southwest Securities was the lowest bidder on the bonds, coming in with a total interest cost of 4.664096. The second-lowest bidder was First Southwest Company, which submitted a TIC of 4.669425.
The $35 million package received a bond rating of A- from Standard and Poor’s and A2 from Moody’s Investors Service.
Councilman Ron Wilkinson made the motion for approval of the bonds and, after a second, by councilman Joe Gallo, the motion passed unanimously.
The $35 million will be used on projects throughout the city, including $14,250,000 in general projects, $15,514,000 for water projects and $5,325,000 for waste water projects.
$500,000 towards the purchase of new fire engine for the Waxahachie Fire Department $200,000 for the design of a new fire station, station No. 2 $100,000 for the purchase and repair of the old train depot, located on the south side of the railroad tracks on Rogers Street $3.5 million toward the new senior citizens center, to be located on U.S. Highway 77 across from Dunaway Elementary. Stevens said the center has already been designed and if the bonds are authorized, the city will go out for bids once a private developer’s infrastructure construction in the area is under way $1 million for the purchase of land and construction of a parking garage to be located downtown next to the county’s new courts and administration building $400,000 for railroad quiet zone improvements $150,000 for sidewalk improvements $3,535,000 for improvements to Broadhead Road $4,665,000 for improvements to Parks School House Road
$3 million to expand the water plant to an operating capacity of 18 million gallons per day and updates to the water master plan $3,094,000 for the 2 million-gallon elevated water storage tank already under construction on Farm-to-Market 664 $1.1 million for 12- and 18-inch water lines on U.S. Highway 287 Bypass $1 million for a high service pump station backup generator $1 million for a backup generator for raw water pump station No. 2 $300,000 for a backup generator for the Grand Avenue pump station $200,000 for a backup generator for the Indian pump station $640,000 for engineering and right of way for the south customers line and pump station $300,000 for the Highway 77 South senior citizens complex water line $3.2 million for a raw water line from Lake Waxahachie to the water treatment plant $100,000 for engineering for the 791 service area water transmission lines $1,580,000 for the 2007 Water Distribution System Rehab Program, concerning 8-inch water lines and fire hydrants on Marvin, Ennis, Emmanuel, Oldham, Flat, Bethel, Richmond and Lois streets, and from Brown Street to Farley Street
$2.3 million for the southeast service area lift station and force main $650,000 for phase I of the northeast trunk parallel gravity sewer line through Clift Estates phase IV and Waxahachie ISD property $1 million for additional phases and miscellaneous costs of the parallel northeast trunk sewer line $225,000 for the rehabilitation of Overhill and LaVista sewer lines $150,000 for I and I investigation
“When you look at the projects here, this is truly a bond issue people will see,” Stevens said.
E-mail Anthony at Anthony.Trojan@waxahachiedailylight.com