· Precursor
Council authorizes $29.5 million Texas Water Development Board loan application for AMI
On January 15, 2019 the City Council passed Resolution No. 01-15-19-1, 5-0, authorizing a $29,500,000 loan application to the Texas Water Development Board for a city-wide AMI project replacing about 72,000 water meters. The agenda memo says the project would be funded by revenue bonds and that the City's 2019/20 water and sewer funding plan would include up to a 4.5% additional rate increase for debt service, upon loan approval, and for operating expense increases.[1][2]
Floyd HartmanGinger NelsonElaine HaysFreda PowellHoward Smith
What the sources say
- ✓ Verified
On January 15, 2019 the City Council passed Resolution No. 01-15-19-1, requesting financial assistance from the Texas Water Development Board and authorizing a $29,500,000 loan application for a city-wide AMI project targeting about 72,000 water meters. The vote was 5-0.[1][2]
- Amount
- $29,500,000
- ✓ Verified
The January 15, 2019 agenda memo states the proposed project would be funded by issuance of revenue bonds, and that 'The City's 2019/20 Water and Sewer system funding plan would be to include up to 4.5% additional rate increase in the upcoming budget for the debt service upon approval of a loan for this project and recent and anticipated increases in operations expenses.' This was a planned figure, not an adopted rate.[2]
- Rate increase
- 4.5%