Yorktown (Rodd Field to Oso Creek Bridge) - Bond 2020 - City of Corpus Christi

https://www.caller.com/story/news/local/2022/06/18/city-taking-160-m-debt-heres-what-pay-for/7623113001/ The city of Corpus Christi is taking on $162M in debt. Here's what it will pay for. The city of Corpus Christi plans to issue roughly $162 million in bonds in the coming weeks. Bonds are debt securities issued by governmental entities to fund day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems. The bonds will be paid back over a period of 20 years. During its regular meeting Tuesday, City Council authorized the issuance of $20 million of certificates of obligation bonds, $40 million of general improvement bonds and $102 million of combined utility system revenue bonds. The monies will be used to fund Capital Improvement Program projects as well as Bond 2020 projects that were approved by voters in the November 2020 election. Cities can either pay for projects as they are able to or issue bonds, City Manager Peter Zanoni said. Paying for large projects through an annual budget process can be difficult. "We can borrow big sums of money to do big projects. A and the community can benefit from those over the 20 years, versus waiting 20 years, saving up enough money and then doing the work," Zanoni said. "We pay them back over time. It's much like buying a home." City officials expect to secure an interest rate between 4% and 5% for the bonds when they issue them. Officials have also factored in a higher interest rate, up to 5.5%, in the city's debt management plan. The last time the city issued bonds in September 2021, a 1.95% interest rate was secured, Zanoni said. The city is slated to receive the bond proceeds by the end of this fiscal year in September. The $60 million of certificates of obligation and general obligation bonds will be paid back through property tax revenue. The $102 million of revenue bonds will be paid back through utility revenue streams. ___________________________________ Design work only for the reconstruction of existing 2-lane roadway with shoulders with new pavement, sidewalk repairs, installation of ADA compliant curb ramps, signage, pavement markings, and upgraded and additional street illumination. Project is part of Corpus Christi 2020 Bond As November 15, 2022, this project is currently in the FY 2022-2023 CIP. Funding for this project is allotted in the city's capital improvement plan for construction FY 2025-2026. A firm timeline has not been established; however, construction is scheduled for Fiscal Year 2025-2026. *Project information, including timeline and contacts, has been obtained through public sources. The content management team continues to pursue additional details; however, the contact(s) listed have yet to disclose or confirm any information. Inquiries should be directed to the contact(s) listed.

Division 26 -	Electrical, Lighting, Exterior Lighting, Lighting Poles and Standards.
Division 31 -	Earthwork, Earthwork Methods.
Division 32 -	Exterior Improvements, Operation and Maintenance of Exterior Improvements, Bases, Ballasts, and Paving, Flexible Paving, Asphalt Paving, Rigid Paving, Concrete Paving, Curbs, Gutters, Sidewalks, and Driveways.
Division 34 -	Transportation, Operation and Maintenance of Transportation.