MULTI-YEAR FUNDS SUMMARY - GENERAL This section includes all our active Bond Construction Funds. It presents the projects and money spent since the original sale of the bonds along with the plan for the expenditure of the remaining funds. Projects included in these funds typically take multiple years to complete. All Infrastructure Improvement bonds were worded to include Water, Sewer, Drainage and Sidewalk and Street reconstruction. Therefore, when the designated projects are complete, the remaining funds can be used on like projects. For future GO (tax supported) Bonds the Legislature passed a bill that will require voter approval of additional projects Construction funds include: 2010 Infrastructure Improvement Bond Construction Fund This was the first phase of bonds approved by the voters in May 2010. Projects included drainage and street spot repairs. The project for $1 million in street spot repairs and the first two major drainage projects are complete. Due to the need for additional funding the Willow/Blossom drainage project will be completed from the 2016 Infrastructure bond fund. The South Yaupon drainage structure crossings include three separate drainage structures. Two of these structures were completed with street reconstruction in Woodland Park. The remaining structure is currently under construction. 2013 Downtown Revitalization Bond Construction Fund This fund accounts for the proceeds from the issuance of $2 million in Certificates of Obligation sold in March 2013. Proceeds were used for the completion of Phase III of the downtown plan – South Parking Place. This project is complete. Less than $30,000 remains in this fund and maybe be used for small projects in the area. 2014 Economic Incentives Infrastructure Reimbursement Fund This fund accounts for the proceeds from the issuance of $5.5 million in Certificates of Obligation. The proceeds are to reimburse HEB for the public infrastructure installed to redevelop the Oak Woods subdivision and to reimburse Dow for public infrastructure associated with the development of the Dow Texas Innovation Center. Dow did not request reimbursement for all their allotted funds. An additional project to replace damaged street panels in areas around the Dow facility is also complete. Less than $100,000 of the original bond proceeds remains and can be used for an infrastructure project in the HEB or Dow area. 2016-2017 Infrastructure Improvement Bond Construction Fund This fund accounts for the first and second phase of bonds approved by the voters in May 2016. The first phase consists of $3 million to add an additional 2-lane bridge on Plantation Drive at the Flag Lake Channel (complete), drainage improvements in the Willow/Blossom/ Daisy area (primary contract complete), add traffic signals and right turn lanes at Circle Way & Oak Drive at City Hall (complete), and fund the design for replacement of residential streets in Woodland Park ( complete). The second $4 million phase includes the construction funding of the Woodland Park project (complete). Included in this project will be two of the drainage structures on Yaupon that were originally funded by the 2010 Bond Fund(complete). As with all our residential street reconstruction projects it includes Water and Sewer line replacement. Because we have several Water and Sewer Bond funds with projects completed under budget, the Water and Sewer portion of Woodland Park will be moved to these funds. Specifically, the 2016 Water and Sewer Bond Fund. This freed an estimated $600,000 in this fund to be available to address drainage related concerns that came to light in the 2017 flood. We were also able to allocate some money to panel replacements, a project which will seem be under construction. The second phase also includes $650,000 for the engineering of the next portion of the downtown revitalization (Engineering complete). There remains some unallocated money in this fund that may be needed for the upcoming downtown project construction which was delayed due to Covid.
FY 2021-2022 Adopted Budget - 310
