A chance for the city to save money by refunding a previously issued bond and issuing a new tax note top city business when council meets Monday.
Refunding the 2010 City of El Campo bonds is recommended, according to Interim Finance Director Brittni Nanson. Doing so, she said, “would produce total cash flow savings of $110,144 or average annual savings of $10,013.”
The notes, she said, are callable in February.
The $565,000 debt to be issued in upcoming months will be used to purchase the new asphalt zipper as well as water and sewer line extension on Hwy. 71 south of U.S. 59.
Payments for the notes have already been included in 2020 budget plans.
The El Campo City Council meets at 6:30 p.m. Monday in chambers, 315 E. Jackson. The meeting is open to the public with time specifically designated for citizen comments.
Other items before Council include:
• An update on the rail-supported warehouse project is anticipated. Financing efforts are solidifying on the project with the creation of the Municipal Management District by the state legislature and the development of a Public Improvement District by the city.
A public hearing on the creation of the PID will be held as part of Monday’s session.
Annexation of Phase 1 is in the middle of the hearing stages.
“All costs incurred by the Public Improvement District will be paid by the PID and not the City of El Campo, likewise for the MMD,” City Manager Courtney Sladek said in her memo to council.
The city has agreed to pay $300,000 for engineering costs for the utility lines and the City Development Corporation has committed $3 million for infrastructure.
Developers are expected to update council on its efforts at the next session.
• A closed door or executive session is planned to discuss the finance director’s position. Currently, Nanson serves as the interim director.
• City truck routes will be reviewed. If any changes are recommended, they will be presented to council for consideration Sept. 9.