Government
Conroe uses reserve funds to pay $625K in hotel debt
Montgomery OKs $75K for waterline During its March 26 meeting, Montgom- ery City Council agreed to pay up to about one-third of the cost for waterline upgrades needed at Montgomery ISD’s career and technical education, and agricultural science centers being built along Lone Star Parkway. The specifics MISD leaders initially requested the city fund 50% of the waterline upgrades, or about $112,177, according to the March 26 meeting agenda. City Council unanimously voted to fund up to $75,000 for the upgrades. “I don’t think you’re setting a bad prece- dent by entering into a cost-sharing agree- ment,” City Attorney Caleb Villarreal said. MISD’s CTE and ag science centers, estimated to cost a combined $80 million, are scheduled to be completed in July 2025.
debt payments, with about $2.8 million in the first lien reserve and about $2.1 million in the second lien reserve—to cover the remaining $624,949.81. Stay tuned Conroe has a $1.18 million shortfall for its first and second lien payments—$542,050 and $642,850, respectively—due Oct. 1, per the March 19 agenda packet. Council did not discuss those payments during the March 19 special meeting.
During a special meeting March 19, Conroe City Council voted to use reserve funds to cover two debt service payments related to the Hyatt Regency. What’s happening? On April 1, Conroe had three debt service pay- ments due totaling $1.63 million, two of which the city was responsible for. Council decided to dip into bond debt service reserve funds—money set aside in case there wasn’t enough in the accounts to pay
Debt payments On top of money already allocated for debt payments, Conroe City Council dipped into its bond debt reserve funding to cover the remainder of two payments due April 1. A third lien payment of $451,800 was paid by the Conroe Industrial Development Corp.
Funding already allocated
Remaining funding to source
First lien
$386,847
$155,203
Second lien
$173,103
$469,747
$0
$200K
$400K
$600K
$800K
SOURCE: CITY OF CONROE/COMMUNITY IMPACT
WILLIS INDEPENDENT SCHOOL DISTRICT
Early Voting April 22-27, 8 a.m.-5 p.m. • April 29-30, 7 a.m.-7 p.m. Election Day Saturday, May 4, 7 a.m.-7 p.m. PROPOSITION A | $102,700,000 •9th Grade Center •Transportation Center PROPOSITION B | $68,800,000 Athletic Complex & Stadium with Community Room PROPOSITION C | $19,600,000 Aquatic Center PROPOSITION D | $27,000,000 Student Activity Center •General Infrastructure
•Willis HS Parking Lot Upgrades
willisisd.org/ bond2024
Content provided by Willis ISD.
10
COMMUNITYIMPACT.COM
Powered by FlippingBook