The City issues debt for the purpose of constructing or acquiring capital assets that have a general benefit to residents and that allow White Settlement to fulfill its various duties and missions as a city. Debt may be issued for the purchasing of land or rights-of-way, improvements to land, capital equipment, and for the construction of projects that provide for the general good of the city.
Standard & Poor’s - AA
Notice of Intent to issue bonds
Earlier this year the City was given the opportunity to apply for special financial assistance from the Texas Water Development Board (TWDB). This opportunity includes the ability to issue bonds using the TWDB's excellent Triple A bond rating. The City is using this opportunity to seek a $675,000 bond. This money will be used for a citywide project to identify water line leaks so they can be fixed, reducing the City's overall water loss. The money will also be used for a master metering program that can isolate areas of town to more easily and quickly identify water line issues. Below is a timeline of the process seeking this funding.
May 4: Council approved Resolution requesting financial assistance from Texas Water Development Board (TWDB); authorizing filing of an application
May 10: the City submitted a financial assistance application to TWDB
July 22: TWDB approved the City’s application
August 17: Submitted financing agreement to TWDB
September 7: Council approved Notice of Intent to issue bonds
November 2: Council will vote to approve selling of bonds
To read the full legal notice regarding the City's intention to move forward with these bonds, please CLICK HERE. Those interested in this issue are invited to the next City Council meeting on November 2nd at 6:30 pm. If you would like to address the council at this meeting, please arrive early and fill out a speaker request form and turn it in to the City Secretary prior to the beginning of the meeting.
HB 1378: Debt Obligation Reporting under Local Government Code Section 140.008
The 84th Legislature passed HB 1378 to increase the transparency of local government debt. Under Local Government Code § 140.008 , political subdivisions, including counties, cities, school districts, junior college districts, special purpose districts, and other subdivisions of state government must annually compile their debt obligation data from the preceding fiscal year.