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, 2018
- Debt Obligation Details as of September 30, 2018
On October 23, 2018, the Euless Development Corporation and City Council approved Resolution Numbers 22-18 and 18-1538, respectively, for the issuance of $1,635,000 of Euless Development Corporation Sales Tax Revenue Bonds, Series 2018. Proceeds will be used for construction of parks and park facilities, specifically Carr Park, as approved in the Capital Improvements Program Budget and the financing thereof.
Also on January 22, 2019, City Council approved Ordinance No.2212 for the issuance of $11,785,000 Tax and Waterworks and Sewer System (Limited Pledge) Revenue Certificates of Obligation, Series 2019. Proceeds will be used for street, water, wastewater, and facility improvements, including but not limited to Capital Improvement Project PS1902 and the financing thereof.
On March 26, 2019, City Council approved Ordinance No. 2216 for the issuance of $9,275,000 of Waterworks and Sewer System Revenue Bonds to the Texas Water Development Board through their Drinking Water State Revolving Fund low interest loan program. Proceeds will be used for Capital Improvement Project WT1802 Well Replacement Construction for Fuller and Far North Wells and the financing thereof.