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The original item was published from 6/22/2020 8:39:25 AM to 7/7/2020 12:00:08 AM.

News Flash

City of Allen - Headline Updates

Posted on: June 22, 2020

[ARCHIVED] Low Interest Rates Bring Savings to Allen Taxpayers

financial report allen

Allen is taking advantage of low interest rates to generate significant savings on taxpayer-funded projects.

Voters approved bond funding in 2016 to fund parks and recreation facility projects, library improvements, street construction, traffic improvements and public art. Allen City Council voted to authorize the issuance of bonds related to these projects during the June 9 council meeting.

City Councilmembers also approved the issuance and sale of $3.5 million in tax notes to cover roof repairs at Don Rodenbaugh Natatorium, Allen City Hall, Allen Municipal Court/Parks and Recreation Administrative Offices and Allen Police Headquarters.

Additional bond funding related to water and sewer projects will support the first phase of infrastructure improvements in Windridge Estates.

The City also plans on refunding eligible existing debt and anticipates a minimum savings of 8%.

Allen is one of the few cities in Texas with triple-A ratings from both S&P and Moody’s. The City also has one of the lowest debt ratios per capita and tax-assessed value when compared to cities of a similar size and population growth rate. To decrease the amount of money spent on interest, Allen shortened payback periods for tax-supported debt to 15 years instead of the traditional 20 years, at a significant savings to taxpayers.

Find more local stories at AllenNews.org.
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