- Financial Transparency
- Bond Issue 2016
Bond Issue 2016
The City of League City is proposing to fund projects identified in the 2016 to 2020 Capital Improvements Plan through Certificates of Obligation.
This recommendation provides the lowest issuance cost by combining tax and revenue supported projects into one issue. Authorization to secure a Certificate of Obligation will provide League City with the lowest interest rate and require no separate reserve fund.
'Tax Supported' Projects
- Calder Road ($3.9 million)
- Converts an open ditch rural roadway to a three-lane (two travel lanes, one center turn lane) concrete-curb and gutter enclosed storm sewer roadway.
- Joint project with Galveston County. County is responsible for design and a portion of the construction.
- League City responsible for obtaining additional right-of-way and covering covering costs exceeding the County's budget.
- Estimated total project cost is $15.9 million. Funding for the project includes $4 million from the county, $8 million cash on hand and $3.9 million debt issue funding.
- Five Corners Realignment ($2.4 million)
- Estimated total project costs is $7.9 million. Funding for the project includes $1.88 million from Texas Department of Transportation, $3.6 million cash on hand, and $2.4 million debt issue funding.
- Stormwater Improvements ($3.0 million)
- Construction of Nottingham Ditch improvements
- Estimated total project cost for drainage improvements between FY 2016 and 2020 is $16 million. Debt issue funding for this fiscal year would be $3 million.
- West side Economic Development ($0.2 million)
- Extension of Bay Area Boulevard from its southern terminus in Magnolia Creek to FM 517 and associated drainage, detention pond and bridge.
- Preliminary project design includes design for street and drainage infrastructure on west side of City.
- Estimated total project cost is $10.1 million. Funding for preliminary project design in FY 2016 is $200,000.
'Revenue Supported' Projects
- 36" water line South Shore Harbour Booster Station ($0.9 million)
- Connects SH-3 booster station with the South Shore Harbour booster station to enhance the ability to move water through the east side of the City and improve water pressure
- Consists of approximately 17,000 feet of 36-inch waterline
- Provides a second connection from the City's major take point at SH-3 across Clear Creek
- Estimated total project cost is $13.6 million. Funding for the project includes $12.7 million cash on hand and 920-000-debt issue funding.
- New Water Lines west side ($0.7 million)
- Estimated total project cost is $5.67 million. Funding for project includes $958,950 for FY 2016 design and land, $247,650 in water CRF fees, and $711,300 in debt issue funding.
- Sanitary Sewer Annual Rehabilitation ($2.1 million)
- Construction to rehabilitate 24" Gravity Sewer trunk line along FM 2094 (South Shore Boulevard to East Main Lift Station)
- Construction to rehabilitate 42" trunk line along Coryell Street (FM 270 to DSWWTP)
- Design rehabilitation of another area based on current priority
- Estimated total project cost is $3.485 million. Funding for project includes $1.385 million cash on hand and $2.1 million debt issue funding.
- Bay Area Boulevard 12" Sewer Improvement ($0.2 million)
- Includes a 4,550 LF of 12-inch sewer, a lift station, and 600 LF of 8-inch force main along the future Bay Area Boulevard extension
- Estimated total project cost is $1.38 million. Funding for project design in FY 2016 is $206,645.
The Certificates of Obligation would total $13.65 million if approved. This includes $9.6 million for tax supported projects, $3.9 million for revenue supported projects and $150,000 for the cost of issuance.
Public hearings are set for May 24, 2016 and July 12, 2016 at 6 p.m. in City Council Chambers.
View the full presentation provided during the City Council Work Session held on May 9, 2016.
A public notice (PDF) will also be posted in the Galveston County Daily News on May 27 and June 3, 2016.