West U Maintains AAA Rating for Upcoming Bond Sale, One of 13 Cities in Texas
The City of West U has received an AAA rating from Standard & Poor’s Ratings Services for its upcoming bond sale for drainage detention.
The West U City Council is considering selling bonds in an amount not to exceed $1,100,000 to fund drainage in the Brays Bayou Detention Basin. The proposed debt would be issued through certificates of obligation, which do not require voter approval.
The refinancing of existing debt will save the city about $400,000 and the new debt will fund the proposed storm water mitigation for the Bellaire Boulevard/College Street project.
Council said during their budget workshop in September that they would like to fund the remaining 9.1 acre feet of required detention for the College Street Transportation and Drainage project with debt. Completing the project is council’s top goal for the next two years.
City Manager Michael Ross told council last month that there are some funds available in the capital fund, but the cost of detention was planned for with certificates of obligation.
West U is one of 13 cities in Texas to receive an AAA rating, which is the highest rating that can be assigned.