The Waxahachie City Council will meet Tuesday to consider issuing $35 million in bonds.
The bonds are a combination of tax and revenue certificates of obligation, Series 2007, and if authorized will be sold and delivered Aug. 23.
Authorization of the bonds will not raise the tax rate, City Manager Paul Stevens said, explaining that some of the city’s debt is dropping off and the new debt can be assumed without affecting the total tax rate.
The debt which is falling off includes primarily general obligation bonds that have matured, finance director Carl Wessels said, adding that while the city will internally adjust its balance of interest and sinking rate versus its maintenance and operations rate, the adjustments will not change the current tax rate of $0.615 per $100 of assessed value.
The changes in the I&S and M&O rates are a reflection of the city’s pursuit of more financially sound practices, Wessels said, explaining that the city would be relying more upon M&O funds for projects such as street rehabilitation.
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.
funded by the bond
$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, noting there are a number of “very visible projects,” including the two roads.
This will be the first time the city has undertaken a major road widening and improvement, the city manager said. “We’re really going to be setting the standard for future street projects.”
The Waxahachie City Council will consider authorizing the bonds at noon Tuesday, July 24, in the council chamber at City Hall, 401 S. Rogers in Waxahachie.
E-mail Anthony at Anthony.Trojan@waxahachiedailylight.com