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2022 Certificates of Obligation
In 2022, the City Council issued the first set of Certificates of Obligation (COs) for $47.56 million for various infrastructure projects. West U received a ‘AAA’ rating, which guaranteed that the city would receive the best interest rates possible for this issuance.
Projects included in this issuance:
- New Public Works Maintenance Facility: Design and Construction - In Progress
- Buffalo Speedway: Construction - Completed
- City Wide Drainage Improvements: East Side Construction - In Progress
- Cast Iron Water Line Replacement: Design - In Progress
- Milton St. Cast Iron Water Line Replacement: Design and Construction - In Progress
- New Law Street Water Line to City System: Construction - Completed
- Wastewater Treatment Plant Improvements: Design and Construction - In Progress
- Wakeforest Elevated & Ground Storage Exterior Tank Painting - In Progress
All three of the City’s storage tanks have been in service since the 1990s. The tanks were rehabilitated in 2009-2010. Per the recommended maintenance schedule, the tanks are recommended to be painted every 10 years. To protect the integrity of the metal structure from corrosion as well as extend the useful life of the tank, periodic protective coating system replacement is required.
This work has been substantially completed and is pending final approval from local and state regulatory authorities.
- As several projects associated with this bond issuance are related to West U’s water system, the debt issued for these projects will be paid for by water/sewer fees, not property taxes. Of the 2022 CO issuance, $22.44 million is funded by water/sewer fees.
- The total issuance funded by ad valorem taxes is $25.12 million.
The graphs below illustrate the city's historical and current annual debt payments, including the effects of the 2022 issuance, and the projected effects of the 2025 issuance over the next five years. These projections do not account for future debt issuances.
- June 13, 2022 – City Council held an initial discussion of the 2023 - 2027 Capital Improvement Plan during their Regular Council Meeting
- July 11, 2022 - City Council met during its Regular Council Meeting to discuss debt and bond issuance with the City's financial representative and staff
- July 25, 2022 - City Council's consideration of Notice of Intent to Issue COs
- August 3, 2022 - Publish 1st Notice of Intent and post Notice's to the City's website
- September 26, 2022 - City Council approves sale of COs
Please note: This is a comprehensive list of City Council meetings in 2022 that discussed capital project funding. This list does not include instances where the design or construction of specific projects were discussed during City Council meetings, other public forums, or general communication from the city.