Council OKs $6.1M bond package
By LPR Staff
After several months of discussion and waiting, the Lockhart City Council voted on Tuesday to move forward with the issuance of Certificate of Obligation (CO) bonds in the amount of $6.1 million for a variety of municipal improvements.
According to City Finance Director Jeff Hinson, bids on the CO package were due on T
uesday. When the final bids came in, he said, the interest rates were considerably lower than he originally estimated, which will save the city a considerable amount over the life of the bonds.
Issuing the COs now, as a matter of timing, makes sense for the city according to Mayor James “Jimmy” Bertram. Payments for an earlier series of bonds will be complete during the coming fiscal year, freeing up those payments for the new series, with a minimal increase in taxes for Lockhart homeowners.
The bond package is expected to fund street and drainage improvements, the construction of a new animal shelter, renovations at the Dr. Eugene Clark Library complex, the purchase of a fire truck and sidewalk improvements.
Under the city’s charter, citizens had the opportunity to file a petition to either block the purchase of the COs or bring the initiative to a public vote. However, no such petition had been filed as of May 19, 2009.
According to papers presented by Hinson during the meeting, the CO funds are expected to be delivered on or about June 16, 2009.
In brief news:
After lengthy discussion, the council voted to approve changes to the city’s existing subdivision ordinance.
According to City Planner Dan Gibson, many of the changes amounted to “housekeeping issues” that will bring the ordinance in line with Texas law and ordinances passed by the surrounding communities. However, changes to sidewalk requirements were made in light of concerns brought to light by a property owner last month.
Bertram read a proclamation declaring May 24 – 30 Hurricane Awareness week. Hurricane season begins on June 1, 2009.
City Manager Vance Rodgers reported that On-A-Roll, Inc., the group involved with the construction of the Lockhart Skate Park, received a grant in the amount of $10,000 from the Tony Hawk Foundation. Construction of the park is expected to begin on Tuesday, May 26, and a groundbreaking and dedication ceremony will be held on May 30.
The Lockhart City Council meets on the first and third Tuesday of each month at 7:30 p.m. in the Glosserman Conference Room at Lockhart City Hall. Meetings are open to the public and televised on Time Warner Digital Cable Channel 10.