• September 19, 2014

Cove approves $7M in municipal bonds

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Posted: Wednesday, August 19, 2009 12:00 pm | Updated: 8:09 am, Thu Aug 16, 2012.

By Alicia Lacy

Killeen Daily Herald

COPPERAS COVE – Amid budget talks for the city of Copperas Cove, the City Council approved the issuance of general obligation bonds and limited tax notes.

The issuance of $4,777,000 in general obligation bonds for the city's new police facility, construction on Lutheran Church Road and other drainage projects were unanimously approved by the council, but the issuance of $2,510,000 in limited tax notes passed with one council member dissenting.

Councilman Bill Stephens voted against the issuance of the limited tax notes for several projects including a fire apparatus, South Park Pool renovations, Allin House and civic center renovations and several water and sewer and solid waste projects.

Stephens asked if the funds were obligated to be used for the previous listed projects.

"Some of the items weren't presented in the departments' workshops," Stephens said.

In response, City Manager Andrea Gardner said the items were previously discussed at the city's retreat and at workshops as a part of the capital improvement projects.

According to the report provided, the city secured a 7-year, 4.55 percent bid for the debt.

In other business, the council adopted a resolution to allow the Coryell Central Appraisal District to purchase a new office building for the taxing district.

Stephens raised concerns about any costs to the taxpayers for the purchase of the building.

Chief Appraiser Mitch Fast said the funds for the building would come out of a separate fund from the taxing district to include about $80,000 in an insurance payout after the district's building sustained significant weather damage.

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