McKinney officials approve sale of $90M bonds for fire HQ, utility projects

Published: Thu, 05/18/23

McKinney officials approve sale of $90M bonds for fire HQ, utility projects

Chief Financial Officer Mark Holloway spoke to City Council members about the projects the bonds will fund at a May 16 meeting.
(Shelbie Hamilton/Community Impact)

Community Impact
By Shelbie Hamilton
Updated 1:03 PM May 17, 2023 CDT

McKinney officials authorized the issuance of voter-approved bonds totaling nearly $90 million for public safety and utility projects, including the planned headquarters facility for the McKinney Fire Department.

During its May 16 meeting, McKinney City Council members voted to allow for the bonds approved by voters in both 2015 and 2019 to be sold. Two bond issuances were approved, including about $49.23 million in general obligation bonds.

This general obligation bond issuance included:

$5.3 million in public safety bond funding from the 2015 bond election
$16.7 million in public safety bond funding from the 2019 bond election
About $27.23 million in streets and infrastructure funding from the 2019 bond election

Chief Financial Officer Mark Holloway noted the combined $22 million in public safety funding represents about half of the total cost of the new fire headquarters building. The remaining balance is expected to be issued next year, Holloway said.

The $5.3 million issued for public safety is also the last of the balance remaining from the 2015 bond election, Holloway said.

The second bond issuance authorized the sale of just over $40.5 million in revenue bonds for water and wastewater projects, including:

$30.5 million in water improvements projects including the first phase of SH 5 utility relocations and utility improvements on Industrial Boulevard
$9.9 million for wastewater projects including public works utility main improvements and aerial wastewater crossing projects, according to city documents

The bonds will be sold at a future market and will be sold with designated maximum levels due to market instability, according to city documents. The maximum total interest rate will be 5% and a maximum final maturity of 20 years.

McKinney’s $350 million bond package was approved by voters in May 2019. It included funding for public safety, public works, parks and recreation, street improvements, infrastructure, and the new city hall. For more information on McKinney’s bond packages, visit www.mckinneytexas.org/1481/bond-updates.

By Shelbie Hamilton - Shelbie joined Community Impact Newspaper in August 2022 after graduating with a degree in journalism from Southern Methodist University in May 2022. She covers the communities of Frisco and McKinney. Prior to CI, Shelbie served as a business news fellow for the Dallas Morning News. When she’s not writing, she enjoys photography and live music.

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