News Story

Council approved a resolution at its June 14 meeting that provides notice of the Town's intent to issue Certificates of Obligation in an amount not to exceed $13,000,000. That amount encompasses the proposed streets, infrastructure, and issuance costs related to the reconstruction of Midway Road and water and sewer utility improvement projects. The resolution also requires that the notice be published in The Dallas Morning News for two consecutive weeks as well as posted on the Town's website for 45 consecutive days. Notices will be posted in The Dallas Morning News on June 20 and June 27.

These Certificates of Obligation will be used for the following purposes:

• On November 13, 2018, the City Council directed the City Manager to pursue issuing Certificates of Obligation to fund a portion of the budgeted $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. The Town issued $15,000,000 in Certificates of Obligations in 2019 for the purpose of reconstructing Midway Road with a $10,000,000 issuance of Certificates of Obligations included in this proposed issuance. This will complete the Certificate of Obligation issuances for the Midway Road Project.

• The Town will be issuing $3,000,000 in Certificates of Obligations for the purpose of funding planned capital improvements projects related to water and sewer utility improvements over the next two to three years including: Lake Forest Drive Utility Improvements, Surveyor Pump Station Electrical Upgrades, and Beltway Drive/Belt Line Road Water Main Replacement.

You can watch the Council's certificate of obligation discussion here and read the presentation here