City Council Approves Resolution for Sale of Certificates of Obligation

At its July 23 meeting, the City Council approved a resolution authorizing the publication of a notice of intention to issue Certificates of Obligation in an amount not to exceed $10,700,000 for the following:

• $3,400,000 for construction of a new 23,000 square foot public safety communications facility for the joint dispatch center created and owned by the cities of Coppell, Farmers Branch, and Carrollton along with the Town. 
• $1,150,000 for a replacement Spartan Fire Engine. 
• $850,000 for Addison Grove incentive payments for public infrastructure. Town staff anticipates that Addison Grove will qualify for the first two incentive payments in late 2024 or early 2025. Each incentive payment is $2,083,333. The Town set aside $3,000,000 between fiscal years 2017 and 2019 to cash fund half the incentive payments. To date, those funds have earned slightly over $300,000 in interest. 
• $5,300,000 for Stormwater Fund capital improvement projects supported and serviced by Stormwater Fund revenue. These projects include the reconstruction of Keller Springs Road ($2,800,000) and Les Lacs Pond Improvements ($2,500,000).

The notice will be published in The Dallas Morning News for two consecutive weeks, with the first publication at least 46 days before the proposed sale, as well as posted on the Town's website.