Council approves first bond sale

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March 5, 2008

By Janet Jacobs The Corsicana Daily Sun Wed Mar 05, 2008, 01:37 AM CST

The Corsicana City Council approved selling $3.4 million in municipal bonds, part of the public works package approved by voters in November.

This first sale will pay for reconstruction of E. 12th Avenue, the first phase of work on N. 24th Street, the first phase of work on Collin Street, reconstruction of E. 13th Avenue, design for the Roane Road resurfacing, designs for Dobbins Road and Forrest Lane, and resurfacing for Navarro Road. The money will also pay for designs for the new fire station, and one of the park projects.

Eddie Ross with J.P. Morgan Chase is purchasing all the bonds, which is to the city’s benefit, since municipal bonds are volatile right now, explained Marti Liljekvist with First Southwest Company, the city’s advisor on bonds.

Ross’s company will charge the city 3.79 percent, which is lower than last week’s bond rate of 5.11 percent, Liljekvist said.

The city’s bond rating also was upgraded to an A-minus by Standard and Poor, up from BBB plus, she reported.

The city will receive its money by April 3, which will allow it to start work on the various projects, Liljekvist said.

Councilman Randy Dill praised the city manager and the former city council for its financial responsibility.

“Going from a Triple B to an A-minus is very significant,” he said.

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Janet Jacobs may be reached via e-mail at jacobs@corsicanadailysun.com

CITY COUNCIL MEETING BRIEFS

By Janet Jacobs/Daily Sun Staff Writer

Council approves closing alley

A ten-foot alley just east of 24th Street, on the east side of the current Gilfillan’s Hardware, will be closed at the request of Walgreens, which intends to build a new pharmacy at the corner of 24th and Seventh Avenue.

Airport operator contract amended

The council approved giving a percentage of fuel sales to the airport operators. Last year, the city installed a self-service fuel pump at the airport, which had cut the contractors out of those sales.

Water sale contracts approved

New contracts to sell wholesale water to Purdon, Retreat and Beaton Lake water supply systems were approved. The changes simply state who will be responsible for installing any water pressure systems should those systems grow, a requirement from the Texas Commission on Environmental Quality.

Downtown designs revealed

As part of the city’s master plan, the council was shown the proposed design rules for downtown. The new rules will not affect existing buildings or businesses, but will affect property owners who change their buildings significantly or who build new structures in the district. A meeting will be scheduled to receive input from property owners, said Malinda Sharpley, Main Street director.

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Council approves first bond sale

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