College Station City Council clears issuing $43 million in certificates of obligation
Approval unlocks financing for key city infrastructure projects
COLLEGE STATION, Texas – In a pivotal bid to fund important city infrastructure undertakings without needing direct voter consent, the College Station City Council cast its vote on Thursday night to issue $43 million in Certificates of Obligation. The approval was near unanimous, with the measure passing five to one. Councilwoman Elizabeth Cunha, a representative for Place 4, was the solitary dissenting voice.
Allocation of funds
The resolved $43.3 million package comprises $16.5 million intended for utility projects, and the remaining $26.8 million has been set aside for governmental projects. A closer look shows that $2,000,000 of the utility projects funding will be directed to water projects. These include aspects like rehabilitating Lincoln Avenue and other various initiatives. For wastewater projects, which include activities such as enhancing the Carter Creek Diversion Lifts Station, Force Main and others, $4,500,000 is destined. The largest chunk of the utility funds, that is $10,000,000, is earmarked for electric projects. These scale a broad spectrum of necessary works, including general plant, overhead, underground and transmission projects.
Regarding governmental projects, $1,100,000 will be injected into city-wide fiber infrastructure. This aims to bolster fiber optic framework and extend connection for signals. The lion’s share of this part of funding, equating to $12,500,000, will support existing facilities upgrades and the origination of new facility projects. This range of projects includes the designing of the Public Works Operations Center, realizing a facilities master plan endorsed in the FY23 Budget, and key facilities maintenance (e.g., HVAC replacements, fire station doors, etc.). For streets, sidewalks and paths near schools, Texas A&M, and Wellborn, $5,500,000 has been set aside.
Area of focus: Parks and recreational facilities
The focus shifts to recreational needs, with a substantial part of the fund — $7,700,000 — going towards parks and related facilities. Playfield development and equipment replacement at Bee Creek, Brothers, Central, Southern Oaks, Merry Oaks, University Park, amongst others are due to receive these resources.
Voter-approved General Obligation Bonds in play
Apart from the Certificates of Obligation, the city council also sanctioned up to $30.3 million in voter-approved General Obligation Bonds. The unanimous nod from the council means that these bonds will release $13.2 million, aimed at park improvements as approved by voters in 2022. They also provide $17.1 million for re-funding certificates of obligation that were originally issued in 2014. The city anticipates a saving of nearly $1.2 million through such a move.
Takeaway
Decisions voiced in the College Station City Council meeting are set to invigorate the city’s civic and utility infrastructure. The multitude of projects, ranging from public works, utilities, streets to recreational, stand to gain from the massive allocation. This commitment, combined with the benefits from the General Obligation Bonds, signals promising developments for College Station, its residents and stakeholders alike.
