• December 29, 2014

Members OK bonds, tax notes for projects

Print
Font Size:
Default font size
Larger font size

Posted: Friday, May 7, 2010 12:00 pm | Updated: 9:20 am, Thu Aug 16, 2012.

By Taylor Short

The Cove Herald

Following a recent promotion in the city's bond rating, the Copperas Cove City Council approved the issuance of tax notes and bonds for five projects Tuesday night for a total of $8,735,000.

Gary Kimball, president of Specialized Public Finance Inc., said the recent change in bond rating from "A+" to "AA-" opens more opportunities for the city.

"It broadens the universe of potential bidders and results in a decrease in interest rates that the city ultimately pays, and that ultimately benefits the taxpayer," he said.

The $4,050,000 in limited tax notes includes about $165,000 in tax-supported debt for the Bradford Drive Road Extension that was a part of the five-year capital improvement plan adopted in October 2009.

It also includes about $105,000 to complete the Turkey Run pump station project. That project needed additional funding and was granted temporary funding in October 2009 as well, City Manager Andrea Gardner said.

The council previously agreed on the design and engineering for the proposed North Loop Waterline. The debt issuance includes about $3.7 million for that project.

The council also approved $4,685,000 in general obligation bonds for the proposed Northeast Bypass and the Northeast Sewerline project, voted on by the residents in November 2008.

"Each one of these ordinances was 35 pages long, so it wasn't an easy matter to just look at and decide," Councilman Bill Stephens said.

The Copperas Cove Economic Development Corporation authorized $917,049 for Phase I of the Constitution Drive extension project on April 27 and received consent from the city council Tuesday to begin seeking bids.

The project, which would extend Constitution Drive all the way to Mueller Street near Mae Stevens Elementary School, is a major part of bringing the future Shops of Five Hills shopping center and the $13 million, 106-unit upscale housing development Constitution Court to the city.

The EDC was also granted permission to sign a letter of commitment to Constitution Court Ltd.

"We have to ensure that Constitution infrastructure will be in place when they are ready," said EDC Chairman Dan Yancy. "Certainly we expect that to happen months before that, but this letter is a necessary item for their closing."

In other action, the council authorized the city manager to enter a contract with Luck Design Team LLC for a needs assessment of the city park for $24,600.

Contact Taylor Short at tshort@kdhnews.com or (254) 501-7476. Follow him on Twitter at KDHcove.

More about

More about

More about

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.

KDH Poll

Loading…
Local seniors plan April trip to Washington, D.C.
Posted: December 29, 2014

Senior citizens trip to Washington, D.C., area is April 22-30 and includes eight nights lodging, eight breakfast and six dinners.

more »
Killeen cancer support group cancels today’s meeting
Posted: December 23, 2014

Today’s Killeen cancer support group meeting was canceled. The next meeting is Jan. 13.

more »