BRENHAM CITY COUNCIL TO ISSUE $3.5 MILLION IN CERTIFICATES OF OBLIGATION
The Brenham City Council will meet Thursday to move forward on issuing 3.5 million dollars of certificates of obligation.
In early August, the City Council gave notice that they intended to issue the certificates of obligation. During the fiscal year, the City used 1.26 million dollars that was earmarked for street reconstruction to complete the new animal shelter and the new renovated library. Both the library and animal shelter projects ran over budget.
The certificates of obligation will 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.
The City Council will also hold a second reading of the 2016-2017 budget, which includes a property tax rate increase. The new property tax rate will be 50.7 cents per hundred dollar valuation.
They will also discuss the acceptance of a $275,000 grant from the Texas Department of Agriculture for the rehabilitation of the Church Street Water Tower.
The Brenham City Council will meet at 1 p.m. on Thursday in the second floor chambers in City Hall.