Crockett approves $3.4M water-line financing package and principal-forgiveness agreement with TWDB

The Crockett City Council on March 7 approved a financing package and related resolutions to advance a planned water-line replacement project.

Ben Rosenberg of US Capital Advisors and Aaron Roberts (Graysville) told council the total project cost is about $3.4 million. Roberts said the package includes roughly $1.74 million described in the presentation as "principal forgiveness" and other elements at zero interest; debt-service payments are projected to begin in 2024. "This is for the water project, the water line replacement project," Roberts said.

On the agenda the council approved an ordinance authorizing the issuance of the City of Crockett combination tax and surplus revenue certificates of obligation, series 2022, and authorized related paying-agent and escrow agreements. Council also approved a resolution authorizing the mayor to execute a principal-forgiveness agreement with the Texas Water Development Board.

Council then adopted an updated water-conservation and emergency water-demand management plan, a requirement for participation in TWDB funding programs. Staff said the revision updates the city's prior plan (from 2009) to meet TWDB guidance and preserve funding eligibility.

All actions were approved by voice votes; specific roll-call tallies were not recorded in the transcript. Staff said the city will bring final documents and any necessary administrative steps back to council for execution and budget adjustments as needed.