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, 2017
- Debt Obligation Details as of September 30, 2017
On March 13, 2018, City Council approved Ordinance No.2185 for the issuance of $2,785,000 of Waterworks and Sewer System Revenue Bonds to the Texas Water Development Board through their Clean Water State Revolving Fund low interest loan program. Proceeds will be used for Capital Improvement Project WT1604 Reclaimed Water Line Extension Phase III Construction Project. City Council immediately passed Resolution No. 18-1528 authorizing the execution of a principal forgiveness agreement with the Texas Water Development Board for $473,300 for this same project.
Also on March 13, 2018, City Council approved Ordinance No.2186 for the issuance of $9,180,000 Tax and Waterworks and Sewer System (Limited Pledge) Revenue Certificates of Obligation, Series 2018. Proceeds will be used for street, water, wastewater, and facility improvements, including but not limited to Capital Improvement Project PS1802 and the financing thereof.