Abilene City Council OK's Bond For New Police Station

Abilene City Council OK's Bond

ABILENE, Texas (KTAB) - The Abilene city council has made decisions which bring a new headquarters for the Abilene Police Department closer to reality.

The city will issue a bond, covering over twenty million dollars worth of projects.

One of those projects is moving the APD to the old K Mart, Winn-Dixie, and Mattress World stores, but they aren't the only ones who are likely to move.

The water utilities offices will also make residence at the new building, as well as the municipal court that is currently located at City Hall.

Those projects are slated to cost nine million dollars. The remaining twelve million is earmarked for water utility repairs and upgrades.

Abilene Director of Finance Mike Rains explains how the CO bonds are different: "The certificates of obligation are bonds that we issue for capital improvement projects. Those do not require voters to approve those, where with general obligation bonds, we have to go before the voters to approve those."

Cities tend to turn to CO bonds when time is a factor in getting funds, such as purchasing a building that has recently come on market, or taking advantage of a favorable financial climate.

The bonds will create a debt, which will be countered with a property tax increase of roughly one penny per one hundred dollars of value. The water and sewer improvements will incur a debt as well, but that's been prepared for with previous water rate increases, as well as savings.

Another item on the council's agenda called for issuing bonds to pay for projects that the public voted for in the 2015 bond elections. Some items are street repairs, a firefighter training facility, and additional splash pads.

The debt generated by these improvements will also cause a property tax increase of less than two cents. That means a total of around three cents per one hundred dollars between the different bonds.

The total money generated by the bonds comes to nearly forty million dollars, and the funds should be available in July.
 


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