Page 450 - Hurst FY19 Approved Budget

the Corporation were written and structured within the framework of the Development
Corporation Act of 1979, Section 4B (2). A Multi-Year Financial Plan was developed by
the City Council as a guide for the Corporation’s charge of carrying out the issuance
of debt and the funding of approved projects. From 1993 to 1999, $9.625 million in
Half Cent Sales Tax Revenue Bonds were issued for major capital projects. In 2008, an
additional $6 million in Certificates of Obligation were issued to support the construction
of Hurst Town Center’s proposed meeting facility. In fiscal year 2013-2014, $7.5 million
in Certificates of Obligation were issued to replace the pool at Chisholm Park. $4 million
was issued during fiscal year 2015-2016 to renovate the pool at Central Park as well
as $1.4 to repair the roof at the Recreation Center. Also, in fiscal year 2015-2016, 5.2
million in 2008 CO’s were refunded providing $963,870 in savings. As shown on the
following page, the current year’s sales tax collections are allocated to three categories
of expenditures: debt service for the Sales Tax Revenue Bonds and Certificates of
Obligation, ongoing operations and maintenance of facilities and amenities constructed
by this funding source, and pay-as-you-go projects.

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