Page 403 - Hurst FY20 Approved Budget

Capital Improvements Program continued

2005 Bond Election (General Obligation Cont.)

Amount Amount
Amount Issued Fiscal Issued Fiscal Authorized
Project Description Authorized Year 2006 Year 2007 Unissued
New Fire Station #2 $2,500,000 $2,500,000 $0 $0
New Senior Center 2,000,000 2,000,000 0 0
Library Improvements 1,500,000 0 1,500,000 0
Street & Drainage Imp. 4,000,000 0 2,600,000 1,400,000
Hurst Athletic Complex Imp. 1,700,000 0 0 1,700,000
Total $11,700,000 $4,500,000 $4,100,000 $3,100,000

2012 Bond Election (General Obligation)

On May 12, 2012, voters approved $16.5 million to construct a Justice Center and related parking facilities. The
facility is approximately 61,000 square feet and includes the police department and municipal court. There is also
a parking garage constructed to handle police, employee and visitor parking. The new center opened in February
2015.

2019 Bond Election (General Obligation)

In 2019, Voters approved $7 million to construct a new Animal Control Center. The facility is approximately 8,300
square feet.

Certificates of Obligation

The City typically issues approximately $4 million per year in Certificates of Obligation. The City’s Transforming
Hurst redevelopment efforts have generated issuances higher than $4 million in 2007, 2008 and 2009. No
issuances occurred during 2010 or 2011. In 2019, $2 million in Certificates of Obligation were issued for
miscellaneous streets and drainage. Certificate of Obligation funding allows the City to maintain the outstanding
quality of its street, drainage, water and wastewater systems while remaining in-line with the goals of the City’s
multi-year financial forecast, which is included in the appendix of this document. All Certificate of Obligation
projects currently funded are discussed in the Street Bond Fund, Drainage Bond Fund, Water and Sewer Bond
Fund, Half-Cent Sales Tax Fund and Other Funding Sources sections of this document. The descriptions included
on these pages provide the reader with a detailed explanation of each funded project.

Revenue Bonds

In the past, the City has issued Revenue Bonds backed by sales taxes restricted to the Half-Cent Community
Services Fund. The funding associated with these type revenue bonds has been exhausted and most Community
Services projects are now being completed on a pay-as-you-go basis utilizing sales tax proceeds. The City has
also issued combined tax and revenue Certificates of Obligation in the past and all such proceeds are being carried
in the Water and Sewer Bond Fund. Certificates of Obligation, in general, can be issued by the City at a lower cost
than Revenue Bond issuance. As such, the City does not have immediate plans to issue Revenue Bonds in the
near future. However, financial plans continue to be updated regarding the City’s Transforming Hurst initiative and
revenue bonds as well as all other funding opportunities are being considered. Please note that associated debt
service schedules can be found in the Enterprise Fund and Other Funds sections of this document.

Alternate Funding Sources

The City of Hurst performs projects on a pay-as-you-go basis when possible. Pay-as-you-go funding is provided
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