The Richmond City Commission plans to begin the process of securing a $12.7 million bond that covers multiple municipal, wastewater and water-related projects for the fiscal year 2023.
Staff detailed the certificate of obligation bond proposal at Monday’s meeting to the receptive commission.
A certificate of obligation bond issue does not require voter approval before issuing unlike general obligation bonds, per the Texas Comptroller.
Municipal projects worth $6.62 million would be fully funded by the bond. Those include the EOC relocation, street barn renovation and Mandola and Veranda in-city developer reimbursements.
Wastewater projects covered by the potential new funding would be the Mandola commercial sewer line ($1.95 million), regional wastewater rehab ($580,000), SCADA upgrade ($180,000), work on the south wastewater treatment plant ($3 million) and wastewater rehab ($90,000).
About $280,000 would be added to water projects from the proposed bonds to help with Project Normandy, the Ransom Road generator and overall water rehab.
The city has $2.86 million in existing bonds, $10.45 million from grants, $ 7.76 million from county mobility bonds and $700,000 in cash.