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At the June 12, 2018 meeting, the Coppell City Council unanimously voted to publicize three separate notices of intent to issue certificates of obligation. Because the City is looking to fund projects using three separate funding sources, Finance staff recommended that the City issue the notices of intent individually, but the bonds themselves will be sold collectively.
"Because the City's tax obligations are rated AAA, we chose to issue certificates of obligation because this will afford the City a better interest rate," said Jennifer Miller, Director of Finance. "We have an agreement with Coppell Recreation and Development Corporation stating that they will pay their share of the principal and interest on the bonds. In addition, water and sewer revenue will be used to pay the principal and interest related to the portion of the bonds used for Water and Sewer System projects."
By using this financing method, the City will realize significant savings over the life of the bonds. According to Miller, revenue bonds come with a reserve requirement that would oblige the City to set aside approximately $1.7 million for the life of the bond. By issuing certificates of obligation, the City bypasses the need to set aside reserve funds, which leaves these funds available for other uses.
The certificates of obligation will be used to fund the following projects:
For more information about certificates of obligation or other sources of City funding, contact the Finance Department at 972-304-3691.