BRENHAM CITY COUNCIL ISSUES $3.5 MILLION IN BONDS

  

The Brenham City Council issued approximately $3.5 million dollars in Certificates of Obligation bonds during their meeting today (Thursday).

During the current fiscal year, the City used 1.26 million dollars earmarked for street reconstruction to complete the new animal shelter and the new renovated and expanded library. The certificates will be used to replenish the money intended for street reconstruction as well as add an additional 2 million dollars to the City’s Electric Department Fund for a copper replacement project.

According to Gary Kimball, the City’s financial advisor, it’s a great time to sell bonds. The city of Brenham budgeted an interest rate of 2.9 percent, but locked in a rate of 2.55 percent. This fixed rate will help save the city approximately $557,000 over 20 years.

The City Council also officially adopted the 2016-2017 budget. The budget includes a tax rate 7.64 percent increase of taxes paid by individuals and businesses that own property within the city limits. The tax rate increase is expected to generate an additional $277,230 to help fund a proposed $60.4 million budget for the City of Brenham.