Municipal Debt

Texas state law generally requires our local governments to seek voters’ approval before issuing debt that will be repaid from tax revenues. And every year, in May and November, voters across the state are asked to approve new bond debt for the construction of city and county buildings, hospitals, schools, water infrastructure and much more. These are called General Obligation Bonds (GOs).

One common form of borrowing, however, represents an exception to this rule: certificates of obligation (COs), which some local governments can use to fund public works without voter approval. Cities can use them to fund the construction, demolition, or restoration of structures; purchase materials, supplies, equipment, machinery, buildings, land, and rights of way; and pay for related professional services. COs are issued for terms of up to 40 years and usually are supported by property taxes or other local revenues.

Your city property tax rate is made up of the M&O (Maintenance and Operations) rate and I&S (Interest and Sinking) rate. M&O is the tax rate to support daily operations and small cash-funded projects. I&S rate is the tax rate required to pay debt service, just like your monthly mortgage payment. 

Total Current Municipal Debt 

(As of June 2025)

Principal (Total Owed)

Interest (To Be Paid)

Total Principal + Interest

Debt Per Household (6,587)
$156,090,000$85,777,462$241,867,462$23,697

Current Utility Supported Debt

(Included in Total Current Municipal Debt)

Principal (Total Owed)

Interest (To Be Paid)

Total Principal + Interest

$40,770,000$16,066,601$56,836,601

Current Tax Supported Debt

(Included in Total Current Municipal Debt)

Principal (Total Owed)

Interest (To Be Paid)

Total Principal + Interest

$115,320,000$69,710,862$185,030,882

Past Debt Issuances

Below is a list of past debt issuances that the City is still paying. Most municipal bonds are 20 years. 

2006 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled. 

Total Debt Issuance

Tax Supported

Utility Supported

$4,200,000$0$4,200,000

Outstanding Principal

Interest Remaining

Total Principal + Interest

$1,940,000$175,108$2,115,108

2007 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled. 

Total Debt Issuance

Tax Supported

Utility Supported

$10,000,000$4,101,000$5,899,000

Outstanding Principal

Interest Remaining

Total Principal + Interest

$5,365,000$535,243$5,900,243

2013 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled. 

Total Debt Issuance

Tax Supported

Utility Supported

$3,000,000$3,000,000$0

Outstanding Principal

Interest Remaining

Total Principal + Interest

$2,715,000$666,800$3,381,800

2015 General Obligation Refunding Bonds

These bonds were issued as a refinance of Series 2005 Refunding Bonds and Series 2008 Certificates of Obligation

Total Debt Issuance

Tax Supported

Utility Supported

$4,595,000$2,460,622$2,134,378

Outstanding Principal

Interest Remaining

Total Principal + Interest

$1,410,000$44,182$1,454,182

2016 General Obligation Refunding Bonds

These bonds were issued as a refinance of Series 2008 and 2010 Certificates of Obligation

Total Debt Issuance

Tax Supported

Utility Supported

$8,010,000$2,945,277$5,064,723

Outstanding Principal

Interest Remaining

Total Principal + Interest

$8,010,000$2,189,000$10,199,000

2017 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled. 

Total Debt Issuance

Tax Supported

Utility Supported

Airport Funded

$5,340,000$1,273,056$2,618,736$1,448,208

Outstanding Principal

Interest Remaining

Total Principal + Interest


$4,425,000$1,065,605$5,490,605

2017 General Obligation Refunding Bonds

These bonds were issued as a refinance of Series 2008 and 2010 Certificates of Obligation

Total Debt Issuance

Tax Supported

Utility Supported

$3,020,000$1,342,088$1,677,912

Outstanding Principal

Interest Remaining

Total Principal + Interest

$2,070,000$318,400$2,388,400

2018 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled.

Total Debt Issuance

Tax Supported

TIRZ Supported

$5,440,000$1,886,048$3,553,952

Outstanding Principal

Interest Remaining

Total Principal + Interest

$3,245,000$365,100$3,610,100

2019 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled.

Total Debt Issuance

Tax Supported

Utility Supported

$12,590,000$7,951,844$4,638,156

Outstanding Principal

Interest Remaining

Total Principal + Interest

$10,925,000$4,084,825$15,009,825

2021 General Obligation Refunding Bonds

These bonds were issued as a refinance of Series 2012 Certificates of Obligation and Series 2012 Refunding Bonds

Total Debt Issuance

Tax Supported

Utility Supported

$4,035,000$4,035,000
$0

Outstanding Principal

Interest Remaining

Total Principal + Interest

$1,660,000$163,200$1,823,200

2022 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled.

Total Debt Issuance

Tax Supported

Utility Supported

$22,910,000$12,334,744$10,575,256

Outstanding Principal

Interest Remaining

Total Principal + Interest

$22,600,000$8,248,981$30,848,981

2022 Limited Tax Note

This list is a work in progress. We will share the total use of funds here once information has been compiled.

Total Debt Issuance

Tax Supported

Utility Supported

$5,325,000$5,325,000
$0

Outstanding Principal

Interest Remaining

Total Principal + Interest

$5,230,000$660,507$5,890,507

2023 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled.

Total Debt Issuance

Tax Supported

Utility Supported

$5,090,000$5,090,000
$0

Outstanding Principal

Interest Remaining

Total Principal + Interest

$5,090,000$0$5,090,000

2023A Combined Tax and Revenue Certificates of Obligation

This issuance was for the construction of the Justice Center, a new facility meant to replace the existing City Hall, Police Station, and Municipal Court.

Total Debt Issuance

Tax Supported

Utility Supported

$52,155,000$52,155,000$0

Outstanding Principal

Interest Remaining

Total Principal + Interest

$52,155,000$42,756,822$94,911,822

2024 Combined Tax and Revenue Certificates of Obligation

This list is a work in progress. We will share the total use of funds here once information has been compiled.

Total Debt Issuance

Tax Supported

Utility Supported

$29,250,000$20,319,975$8,930,025

Outstanding Principal

Interest Remaining

Total Principal + Interest

$29,250,000$24,503,690$53,753,690

2025 Combined Tax and Revenue Certificates of Obligation

(Not Yet Included in Total) This debt was issued for a variety of capital improvement projects including the engineering and design of the Wesley Miller Road extension, Davis Street maintenance, Gabriel Street and North Drive drainage improvements, downtown surveillance cameras, Fire Station 2 renovation, and the new Public Works building purchase.

Total Debt Issuance

Tax Supported

Utility Supported

$12,680,000$7,803,077
$4,876,923

Outstanding Principal

Interest Remaining

Total Principal + Interest

$12,680,000$7,232,138$19,912,139