City authorizes $11.5 million in obligations to secure grants to replace lead water lines

By Anton Riecher
In other action, the Devine City Council voted to adopt ordinances authorizing the issuance of certificates of obligations covering the city’s application for $11.5 million in low interest loans through the Texas Water Development Board for federally mandated replacement of lead water service lines.
“Tonight’s action is selling those certificates of obligation and locking in the interest rates and proceeding closer to the bond closing next month for these loans and securing the grants,” said Andrew Friedman of SAMCO Capital, financial adviser to the city.
Also, the council named City Administrator David Jordan to represent the city as a director on the Medina County Regional Water Alliance. The alliance is seeking to create a 50,000 acre-foot freshwater storage and recovery project in the brackish Trinity aquifer using water saved over time from the Edwards aquifer.
Incoming District 5 alderman Hal Lance Jr., who replaces Randall in May, will serve as alternate on the alliance board of directors.