Page 15 - Euless ORD 2360 Adopted FY 23-24 Budget

five year window. Priority C items have been identified, but will be introduced for
funding consideration at some time beyond the five year window. Projects identified as
Priority B are considered in multi -year financial planning. This Capital Improvements
Plan is fluid and will be reviewed and updated annually based on infrastructure needs
within the City.

The FY2023-24 recommended Priority A projects include annual street improvements;
water line replacements at Huntington Drive Phase II and Sotogrande Boulevard Phase
I; Animal Shelter Expansion and Renovation, Parks at Texas Star Lighting Upgrade, and
Police and Courts Building Remodel. Additional capital funding is also included for
West Pipeline Road reconstruction, Heritage Avenue reconstruction, Trailwood Addition
wastewater line replacement, redevelopment, and miscellaneous capital improvements.

LONG- TERM DEBT

The City has existing long- term debt issued for the acquisition and construction of major
capital facilities, infrastructure, and equipment. Additional debt in the amount not to
exceed $ 22 million is planned for the remodel and expansion of the Police and Court
facility. The proposed debt is based on a fifteen -year maturity to reduce interest costs.
A brief explanation of the various debt instruments is provided below:

General Obligation Bonds — issued pursuant to voter authorization for infrastructure and
facility projects.

General Obligation Refunding Bonds — issued to refund existing General Obligation
Bonds and Certificates of Obligations in order to lower the overall debt service
requirements of the City. These bonds do not require voter authorization.

Certificates of Obligation — similar to General Obligation bonded debt in usage, but do
not require voter authorization and cannot be used for refunding existing debt.

Water and Wastewater Revenue Bonds — issued to provide funds for certain
improvements to the water and wastewater system as well as to refund prior water and
wastewater debt issues. These bonds are reported in the Water and Wastewater Fund
and will be repaid from revenues of this enterprise operation.

Sales Tax Revenue Bonds — are used to finance library, park, and economic
development projects as well as to refund prior sales tax revenue debt issues. Sales tax
revenue bonds will be repaid from the half -cent sales tax revenues collected by the
Euless Development Corporation.

The City strives to utilize the long- term plan to maintain a stable Interest and Sinking
I& S) tax rate so as not to have undue volatility in the overall tax rate due to capital
projects and debt issuance. Additional information relating to the City's currently
outstanding debt is included in Tab 3 of this book.

201 N. Ector Drive, Euless, Texas 76039- 3595
817/ 685- 1400 Metro 817/ 267- 4403 Fax 817/ 685- 1416
www' culcsstx. gov
Ordinance No. 2360, Page 15 of 326 7