The city is required to make certain disclosures when it intends to issue certificates of obligation.
This came from their notice of intent to issue $100 million in certificates of obligation:
In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City’s outstanding public securities secured by and payable from ad valorem taxes is $1,189,489,193.84; (ii) the current combined principal and
interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $1,818,279,445.84; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $173,780,312.50; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is August 15, 2045.
According to the city the $100 million will turn into $174 million by the time we pay the bonds off.
We deserve better