Friday's Internet Edition, August 29, 2008.
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News editor - The Copperas Cove City Council recently gave the city’s financial planner permission to proceed with financing the city’s Capital Improvement Plan projects and to consider refinancing opportunities for the city’s outstanding revenue bonds.
Over the past few months, the city council and city staff have discussed the issuance of Certificates of Obligation to cover the cost of capital improvements, said Robert Camareno, assistant city manager and director of finance, at a recent city council meeting.
The council’s vote authorizes the city’s financial planner to draw up the documents to issue debt, or to sell bonds on the open market, said Camareno. However, the documents do not obligate the city to proceed with selling the bonds, he said.
On July 1, the council will have to approve the publication of a notice of the intent to issue Certificates of Obligation, said Camareno. The only purpose of the drawn up documents is to fix a ceiling on the certificates, he said.
According to a written report, the project list has 12 components. In the first component, the Meadow Brook Sewer project will cost $235,714. The Hwy. 190 Sewer project will cost $71,430, while capital improvements to Mountain Top Water will cost $706,380. All three projects will be paid for out of the Water and Sewer Fund.
The second component consists of sewer improvements to Skyline Valley Lift Stations in the amount of $484,000, which will be paid by money from the Water and Sewer Fund. Improvements to water from Old Ogletree Pass to Colorado Drive are in the third component and will take $1,710,000 from the Water and Sewer Fund.
Improvements to the northwest wastewater plant, expansion of the northeast wastewater plant and fourth year sewer improvements comprise component four. The northeast plant will cost $4,020,000, the northeast plant $1,330,000 and the sewer improvements $485,000. All three will be paid for out of the Water and Sewer Fund.
The Big Divide Road is component number five and will be funded by property tax. The projected cost of the project is $579,000. The police department’s communications system, component six, will cost $1,840,820 and is another project to use funds from property taxes.
Component seven would give the fire department will get a ladder truck for $650,000, another item slated to use property taxes. Renovation of the Civic Center will cost $200,000, while construction of a skate park will cost $100,000. Both projects comprise component eight and will be funded by property taxes.
Improvements to FM 1113, component nine, will cost $320,000 and funding will come from property taxes. The project is the grant match that will install sidewalks along FM 1113, said Camareno.
Component 10 is the expansion of Constitution Dr. The project will cost $122,000 and also gets funded by property taxes. The feeder road, component 11, is another project funded by property taxes and will cost $600,000.
The final component consist of repairs to the roofs of several city buildings, such as city hall, the human resources building, the police department building and the utilities administration building. The repairs will cost $210,000 and come from property taxes.
Cost of the bond issuance adds $365,656 to the bill. The total cost of the planned projects is $14,030,000.