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Home / News / League City to issue $16 million in bonds

League City to issue $16 million in bonds

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By Lora-Marie Bernard

League City will issue more than $16 million in bonds to fund a myriad of capital improvement projects in the city.
Mayor Pat Hallisey lauded the projects and said they were important to the city’s future. The League City City Council approved the funds during a regularly scheduled meeting on Tuesday.
“This is a community that’s growing by leaps and bounds, one thousand homes per year,” Hallisey said. “There’s not a person in town who doesn’t understand the need for transportation improvements, being able to be mobile around town, getting roads that connect.”
Resident Brian Brown said the council should show fiscal restraint even though the city’s new bond rating made it cheaper to borrow money.  He ran for a council position last year on a platform of fiscal conservatism.
He said homeowners received “sticker shock” when they received the latest county assessments.  Some properties rose by as much as 12.7 percent and they didn’t expect it.
“If we don’t need to borrow it, don’t borrow it,” he said “Only borrow what we need. Just because we can borrow doesn’t mean we should.
Councilmember Nick Long echoed Brown. Long said he wanted to know if the city still intended to reduce its overall total debt in the next fiscal year. Finance Director Rebecca Underhill said the city would and the lowest bid for bond service on the $16 million was a 2.7 percent interest rate.
About $5 million in tax supported projects are included in that amount. They include the Ervin/Hobbs Connector street project, the Animal Adoption Center, Public Safety Annex Station 6 and items related to the Downtown Revitalization Plan.
Also on the table are revenue-supported projects that include a new well and generator at South Shore Boulevard, improvements to the Southeast Service Area Trunk lines, the North Service Area 16-inch waterline along Grissom, the Dallas Salmon Effluent Discharge Improvements, annual sanitary sewer rehab projects, annual lift station improvements and Countryside No. 1 Lift Station improvements.

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