In an effort to take advantage of low interest rates, the City Council is considering bonds to fund several infrastructure projects, including:
- Water tank in North Belton ($3.4 million)
- Water and sewer improvements to McFarland Estates ($1 million)
- Replacement pumps for Loop 121 water tank ($800,000)
- 6th Avenue waterline replacement ($850,000)
On Tuesday, the Council passed a resolution stating its intent to borrow up to $7 million and to show the City’s intent to reimburse itself for expenditures that may occur prior to the issuance of bonds, such as some of costs associated with the North Belton water tank.
The Council is considering a certificate of obligation and anticipates an interest rate between 2.15% and 2.4%.
The resolution does not obligate the City to issue debt; however, any related debt would have to be issued within 18 months of the date the project is placed into service or the date the expenditure is actually paid.
In a separate decision the Council passed an ordinance that will restructure some of the command structure at the Belton Police Department.
In other business the Council:
- Passed minutes of Sept. 26 meeting
- Electrical Board – Robert Bass and Casey Simpson reappointed
- Bell County Tax Appraisal Board of Directors – Ray Severn recommended to be reappointed (position shared with Belton ISD)
- Authorized two-year contract renewal with Langerman Foster Engineering Company for construction materials testing services
- Authorized purchase and equipping of five new vehicles for the police department at a cost of $247,145.
- Authorized Façade Improvement Grant of up to $5,400 for exterior renovation at 104 N. Pearl St. (Premium Tax Advisory).