Council Discusses Proposed Issuance of Bonds

On November 5, 2019, Addison voters approved five bond propositions totaling $70,620,000. At its June 9 meeting, City Council discussed a General Obligation Bond issuance in Fiscal Year 2020 in the amount of $15,135,000 from the following voter-approved authorizations:

• $14,030,000 from the authorized $22,300,000 from Proposition A for street improvements. This would fund the design costs of Keller Springs Road and Airport Parkway, to which contracts have been awarded by Council, and the reconstruction of Keller Springs Road. 
• $365,000 of the authorized $6,723,000 from Proposition C for parks and recreation improvements and facilities. This would fund the design of improvements to the Addison Athletic Club including locker room reconfiguration, gymnasium and track improvements, and pool modernization.
• $140,000 from the authorized $7,395,000 from Proposition D for improvements to existing municipal buildings. This would fund the design of the HVAC and roof at the Addison Athletic Club as well as the boiler replacement, to which the Council has approved a reimbursement resolution and the project is completed.
• $600,000 from the authorized $600,000 from Proposition E for traffic control systems to which a contract has been awarded by Council.

Additionally, Council discussed the Town's opportunity to refund the 2012 General Obligation Bonds and 2013B Taxable General Obligation Bonds which is estimated to create $795,088, or 6.50%, in Net Present Value savings over the remaining life of the debt.

You can watch the Council's bond issuance discussions here and read the presentation here.