Council Preview (March 22)
Here’s a quick overview of some of the items the College Station City Council will be discussing at its workshop and regular meetings on Thursday, March 22. This blog is not a complete and official agenda.
The workshop and regular meetings can be watched live on Suddenlink Ch. 19, or online. Previous council meetings are archived on the website. A detailed live blog from the meetings will be posted on this site and can also be accessed through the city’s Facebook page.
Workshop Meeting (6 p.m.)
Bond Sale and Refunding
The council will hear a presentation on the city’s 2012 bond sale and refunding and financing structure. As a growing community, College Station has a capital plan to address its infrastructure needs. Capital project categories include streets, parks, facilities and utilities (electric, water, wastewater and drainage). The presentation will provide an overview of the 2012 proposed capital project funding list, potential refunding opportunity and the structure of financing.
The city also has the opportunity to refund a portion of its General Obligation, Certificates of Obligation and Utility Revenue Bonds from 2003-05 to achieve savings with lower interest rates. Refunding is issuing new debt to replace and pay off existing debt. To take advantage of low interest rates and save on debt issuance cost, staff recommends combining the new money sale with the refunding, which would require a negotiated sale rather than the normal bidding process.
In Fiscal Year 2012 the city plans to issue $4.4 million in General Obligation Bonds and $17.4 million in Certificates of Obligation Bonds. Based on current estimates, the refunding of $28.7 million will reduce the overall costs by at least 8.379 percent. Gross savings to College Station taxpayers will be more than $2.9 million, with annual actual savings between $210,000 and $233,000 per year. The savings will help the city by providing an additional margin that council may use for projects not currently funded by an identified source.
The council will receive an update on the city’s five-year Technology Plan, which is prepared annually in support of the Strategic Plan and as a part of the budget preparation process. The plan is finalized once the budget is set and provides a planning tool for technology use throughout the city. The process looks at what is required to maintain the current level of technology as well as new technologies which may enhance services provided to citizens.
Regular Meeting (7 p.m.)
This is not a complete list of consent agenda items. Refer to the regular meeting agenda for a list of all the consent items.
Royder/Live Oak Sewer Extension Project
The council will consider authorizing staff to negotiate the purchase of easements for the Royder/Live Oak Sewer Extension Project. The 2011 annexation plan includes a project to provide sanitary sewer service to the recently-annexed Wellborn area. The budget for this project is $3.3 million, but the project is expected to come in significantly under budget.
Notice for Certificates of Obligation
The council will consider approving the publication of notice of intention to issue series 2012 certificates of obligation, and an effective date. The city typically issues debt to fund capital projects identified and approved in the annual budget.
Health Science Center Parkway Waterline Extension
The council will consider approving a professional services contract not to exceed $114,500 with Kimley-Horn & Associates, Inc., for the design services for the Health Science Center Parkway Waterline Project. The waterline will serve the BioCorridor area within the city limits.
COPS Hiring Recovery Program Grant
The council will consider approving the application and acceptance of a 2012 COPS Hiring Recovery Program Grant from the U.S. Department of Justice. A 25 percent local match is required and grant funding will only be provided for entry-level salary and benefits. The College Station Police Department will be applying to fund six full- time entry-level officers.
Amendment to 2008 Community Development Action Plan
The council will consider approving an amendment to the city’s 2008 Annual Action Plan to include the revised use of Community Development Block Grant Program funds for sidewalk construction to low and moderate income neighborhoods along Holleman, Lassie, Manuel and Pedernales streets.
Substation Distribution Upgrade and Entergy Tie Bid
The council will consider approving a $1.5 million bid by Pike Electric Corporation for the construction of Switch Station Substation Distribution improvements and an Entergy Texas, Inc. transmission line.