While the City Weatherford has outstanding debt, including the most recent Yes Weatherford proposition, $25 million total with the city receiving $13, approved by voters June 30 — the money is accounted for.
With the Weatherford Public Works Authority’s approval of allowing BOK Financial Securities, Inc., to sell bank notes Friday morning, that debt will be added to the outstanding debt.
Even with the outstanding debt, all of it is accounted for with sales tax money that has been or will be generated.
2010 Yes Weatherford bonds
The Yes Weatherford 1 percent sales tax, passed by voters in 2010, allocated $9.43 million for projects, such as the Pioneer Cellular Event Center and the Weatherford Fire Department station on Kansas Street.
The city owes $1.28 million after the July payment was made. The final payment for that loan is due in December of this year.
This sales tax also shows a debt reserve balance of $944,240.
2017 refinancing
City commissioners refinanced a loan to receive a lower interest in 2017. With that approval, $8.02 million was allocated for various city projects such as water, sanitary sewer, garbage and trash collections.
The city owes $6.38 million after the July payment was made. The final payment for that note is due in December 2024.
This note has no debt reserve balance.
2018 Lyle Road note
Voters approved a half-penny sales tax in June 2018 for repairs and widening of Lyle Road from Main/ Davis Street to Lawter Road. Cost of the loan was $6.1 million.
The city owes $4.69 million after the July payment was made. The final payment for that note is due in September 2024. This not has no debt reserve balance.
2020 Yes Weatherford note
Voters approved a $25 million sales tax for citywide improvements, including a new police station. Weatherford’s portion of that tax is 52 percent, or $13 million.
The city commission approved BOK to solicit bank notes for the projects during Friday’s meeting.