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Thursday, September 23, 2021

College Station Plans on Borrowing Additional $62 Million Without Taxpayer Vote

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The College Station City Council voted to begin the process of issuing $62 million in certificates of obligations for capital projects. The projects include street improvements, relocating facilities maintenance, replacing equipment, electrical distribution, and water projects. $10,000,000 of the amount is for the “unfunded projects list.”

The council voted 5-1 to approve a resolution directing publication of notice of intention to issue certificates of obligation. Councilwoman Elizabeth Cunha voted against the motion.

Electrical projects are normally paid for in cash, but the electric capital projects are to be funded with new debt due to the winter storm. The estimated cost to issue the debt will be $1,000,000.

The city is already at a debt level of $3154 per capita and $372,000,000 in total debt. The FY21 new debt will be an increase of 16.7% in total debt. The city estimates they have the ability to pay for the additional debt with the existing tax rate and the existing utility rate.

Unlike bond issuances, Certificates of obligations do not have to be voted on by the taxpayers.

Timeline

May 13, 2021 – Council will discuss debt issuance

June 10, 2021 – Council will consider ordinance that allows for debt issuance

July 8, 2021 – Funds delivered to the city

Watch the entire meeting at https://cstx.gov/departments___city_hall/pubcomm/channel_19

Contact your representatives

To contact Mayor Karl Mooney, contact the city at 979.764.3500 or email kmooney@cstx.gov

Bob Brick rbrick@cstx.gov

John Crompton jcrompton@cstx.gov

Linda Harvell lharvell@cstx.gov

Elizabeth Cunha ecunha@cstx.gov

John Nichols jnichols@cstx.gov

Dennis Maloney dmaloney@cstx.gov

To make written comments for College Station City Council or to speak to the Council, fill out the comment form on the Council website. https://www.cstx.gov/departments___city_hall/council/comments

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