The City of Euless utilizes a pay as you go method of financing capital project when deemed feasible and appropriate. When debt is issued, the life of the bonds will not exceed the useful life of the project financed. When appropriate, self-supporting revenues will be used to pay debt service in lieu of tax revenue.
The schedule below reflects the indebtedness of the City of Euless as of the close of the last fiscal year.
- Summary of Debt Obligations as of September 30, 2016
- Debt Obligation Details as of September 30, 2015
On October 27, 2015 City Council approved Ordinance No. 2092 for the issuance of $3,030,000 Tax and Waterworks and Sewer System (Limited Pledge) Revenue Certificates of Obligation, series 2015. Proceeds will be used for (i) street improvements, including drainage, landscaping, curbs, gutters, sidewalks, entryways, signage, lighting and traffic signalization, land and rights-of-way and (ii) the financing thereof.
On January 12, 2016 City Council approved Ordinance 2098 authorizing the issuance of certificates of obligation in an amount of SIXTEEN MILLION FOUR HUNDRED FIFTY THOUSAND DOLLARS ($16,450,000) for the purpose of paying contractual obligations for (i) public infrastructure including demolishing dangerous structures, streets, street improvements, water and wastewater, drainage, curbs, gutters, sidewalks, entryways, signage, lighting, traffic signalization and other public improvements thereto and the acquisition of land and rights-of-way therefor, and (ii) professional services rendered in relation to such projects and financing thereof; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City’s water and sewer system.
On August 30, 2016 City Council approved Ordinance No. 2134 authorizing the issuance of Tax Notes, series 2016 for the purchase of certain specified materials, supplies, equipment, and machinery for the City’s authorized needs and purposes, namely, a fire truck and other public safety-related equipment; and professional services rendered in relation thereto.