Editor’s note: Transcript provided by CoverGov.
Trophy Club Town Council members unanimously approved issuance of $8.15 million in bonds for city projects at a Nov. 10 special meeting, saving $191,175 due to an error recognized after the Town Council voted for the same bonds in June.
The June 23 vote led to a bond sale planned for August, but a typographical error was identified in one of the required postings for that sale and necessitated repeating a portion of the process.
The delay, however, resulted in a better interest rate, dropping to 3.4878% on Nov. 10, down from 3.6227% on Aug. 25 — saving $191,175 for Trophy Club residents.
Bond proceeds will pay for street and sidewalk improvements that include Forest Hill Drive, Paint Rock Court and Palmetto Court for a $2.9 million total; Oakmont Drive sidewalk improvements along Parkview Drive and Durango Drive for a $250,000 total; Skyline Drive and Creekside Drive; and remodel of the streets and parks maintenance shop ($500,000).
The Nov. 10 meeting was designated as a special meeting because the town council’s regularly scheduled 6 p.m. meeting — and the Nov. 11 holiday — could alter the interest rate for the bond sale.
“Because tomorrow is a holiday with Veterans Day (bond underwriters are) not open and are unable to process it, so we’d have to wait all the way until Wednesday,” Brandon Wright, the town manager, said.
To learn more about how the transcript that informed this report was created, visit covergov.com.
Eric Zarate is a freelance journalist.
If you believe anything in these notes is inaccurate, please email us at news@fortworthreport.org with “Correction Request” in the subject line.
Related
Fort Worth Report is certified by the Journalism Trust Initiative for adhering to standards for ethical journalism.
Republish This Story
Republishing is free for noncommercial entities. Commercial entities are prohibited without a licensing agreement. Contact us for details.