Debt
A municipal bond is a debt obligation issued by a public entity using the loan for financing long-term public projects such as constructing or improving city streets, parks, and fire and police stations. Some are used for municipal water and sewer systems.
A municipal bond is further categorized based on the source of its interest payments and principal repayments. Some city departments are self-funding, such as water and sanitation, which are funded by service charges from water users according to the amount of water used. A general obligation bond, however, is issued by governmental entities for uses that benefit all citizens that benefit globally from having streets, parks and public safety. General obligation (often called "GO") bonds are typically repaid by dedicating property taxes; other GO bonds are repaid with any combination of general fund revenues. Revenue bonds normally pledge repayment from water, sewer, sales tax, fuel, hotel occupancy or other taxes.
Debt reports and related documents are included here for the most recent three years. If you want to request older documentation, you can do so using the Public Information Request Form (PDF).
In February 2015, Standard and Poor's gave the city an "A+" rating. Read the February 2015 Rating Report (PDF).
Annual Debt Report
- Texas Debt Disclosure for Fiscal Year 2021-2022 (PDF)
- Texas Debt Disclosure for Fiscal Year 2020-2021 (PDF)
- Texas Debt Disclosure for Fiscal Year 2019-2020 (PDF)
- Texas Debt Disclosure for Fiscal Year 2018-2019 (PDF)
- Texas Debt Disclosure For Fiscal Year 2017 to 2018 (PDF)
- Texas Debt Disclosure For Fiscal Year 2016 to 2017 (PDF)
- Texas Debt Disclosure For Fiscal Year 2015 to 2016 (PDF)
In February 2015, Standard and Poor's gave the city an "A+" rating. Read the Palestine, Texas General Obligation (PDF).
Series 2022 Debt Funded Project Progress as of August 03, 2023.
| Project | Budgeted Amount | Total Paid Expenses | Comments |
|---|---|---|---|
| Library Relocation | $2,000,000 | $1,755,780 | This project is in progress and nearing completion. |
| Water and Sewer Infrastructure replacement | 16,551,200 | 1,256,036 *last updated on 4/30/23 | Additional $700,000 encumbered for awarded projects. These projects are in progress. |
| Water & Sewer Building to Store Materials | 25,000 | 205,390 | Metal building ordered from contractor, waiting for delivery and construction. |
| Street Rehabilitation | 7,047,467 | - | Using ARPA Grant funding first for Street Rehabilitation due to time limit on spending. |
| Downtown Infrastructure Improvements | 10,000,000 | 259,390 | $1.8 million engineering contract awarded to Schaumburg & Polk this project is in progress |
| Fall Surface / Borders / ADA Ramps / Mats | 30,815 | 9,042 | Fall surface and mats installed. |
| Fire Station Generators | 29,810 | 35,981 | This project is complete. |
| New Roof on Fire Station 1 | 100,000 | 61,000 | This project is complete. |
| New Roof on City Hall/PD | 198,000 | 175,000 | This project is complete. |
| ADA Picnic Tables / ADA Grills | 5,214 | - | This project has not yet begun. |
| ADA Bleachers | 153,495 | - | This project has not yet begun. |
| Police Communication Improvement | 90,000 | 53,468 | This project is complete. |
| Renovate All City Facility Bldg. including restrooms to ADA | 60,000 | - | This project has not yet begun. |
| Sidewalk & Curb - Main Street | 17,000 | - | This project has not yet begun. |
| Citizen Engagement, Incode 10, Cloud Transition | 190,433 | 49,590 | This Project is in progress Financials and HR will be finished converting to Incode 10 May 2023, Utilities will be finished converting Summer 2023. |
| Replacement AC Unit Fire St. No. 2 | 17,853 | 6,900 | This project is complete. |
| Calhoun Restroom Renovation | 25,000 | 15,750 | This project is complete. |
| Larry St. Park Playground Equip. Replacement | 11,948 | 54,576 | This project is complete. |
| Calhoun Park Playground Equip. Replacement | 20,152 | - | This project has not yet begun. |
| Farmers Market Bathroom Renovations | 5,000 | - | This project has not yet begun. |
| Green's Park Equipment Replacement | 20,415 | - | This project has not yet begun. |
| Willie Myers Pavilion Roof Replacement | 15,000
|
8,950 | This project is complete. |
| ADA Accessibility - Reagan School | 85,000 | - | This project has not yet begun. |
| ADA Compliance for Carnegie Library | 194,000
|
59,564 | This project is in progress. |
| New city website | 41,946 | 55,138 | This project is complete. |
Renovate customer service and development services windows |
30,000
|
35,757 |
This project is 75% complete. |
| Materials Storage Public Works | 78,000 | - | This project has been combined with the "Water and Sewer building to store materials" project. |
| Sport Lights Ball Fields | 250,000 | - | This project has not yet begun. |
| 14-yard Dump Trucks (2) | 109,340 | - | Dump Trucks Ordered in November |
| French Drain Reagan Park | 5,000 | - | This project has not begun |
| Brush/Grass Truck | 225,000 | 72,170 | Truck was ordered in January 2022, waiting for delivery to make final payment. |
| Wheel Loader | 240,790 | 250,440 | This project is complete |
| Library Thin-Client | 22,773 | 4,626 | This project is in progress |
| Track Loader | 124,895 | 38,625 | This project is complete |
| Library Self-Check & RFID | 32,800 | - | This project has not yet begun. |
| Street Sweeper | 253,743 | 260,770 | This project is complete |
| Lift Boom | 70,950 | - | This project has not yet begun. |
| Basketball Courts - Larry St | 25,000 | 17,100 | This project is in progress. |
| Unisex Bathrooms @ Greens Park | 60,000 | - | This project has not yet begun. |
| Dog Park | 14,000 | 14,000 | This project is complete. |
| Pay Study | 21,500 | 21,500 | This project is complete. |
| Unbudgeted Expenses | 0 | 5,540 | Projects that were not previously budgeted. |