The funds received for those projects will be used on a mix of public projects including renovating the Roy and Helen Hall Memorial Library and McKinney Performing Arts Center.
In a nutshell
McKinney Chief Financial officer Mark Holloway updated council members on $124 million in bond sales that were approved in March. Council members approved the following bond sales as part of three packages:
- $37 million in general obligation bonds
- $29.2 million in bond refunds from general obligation bonds issued in 2014 and 2015
- $30 million in certificates of obligation bonds
- $25 million in water and sewer revenue bonds
- $2.9 million in bond refunds from water and sewer revenue bonds issued in 2015
Breaking it down
Holloway said he expects the general obligation and certificate of obligation bond package will go to market May 21 with closure expected June 18. Funds from the general obligation bonds will be used for a mix of public projects related to parks and recreation, public safety and streets.
The $37 million in general obligation bonds were approved by voters in 2019 and 2024, according to the staff presentation.
Money from the certificates of obligation bonds will fund renovations and improvements on the Roy and Helen Hall Memorial Library and McKinney Performing Arts Center.
The $25 million in water and sewer bonds will finance several projects related to water main replacements, water storage tank maintenance and more. Those bonds are expected to go to market May 20 and close June 17, according to the staff presentation.
Looking ahead
The Roy and Helen Hall Memorial Library is scheduled to close June 13 so renovations can begin, according to the city’s website. The library is expected to be closed for about one year.
Design is currently underway for renovations to the McKinney Performing Arts Center. Renovations planned for the building will include equipment upgrades, updates to flooring and acoustical panels and more.
