Council approved item G following a roll-call vote. The official Item G record identifies the financing as the city's 2026 combination tax and revenue certificates of obligation for Coll Street drainage, roadway and underground-utility work.
The city is the issuer and the ordinance pledges ad valorem taxes and up to $1,000 in surplus solid-waste revenues, even though staff says NBEDC sales-tax revenue will pay the annual debt service. Those descriptions serve different purposes: one identifies the expected payment source, while the other supplies legal security for the city-issued certificates.
From project approval to financing
Before the vote, NBEDC had approved $9.6 million for the project, council had ratified the construction expenditure, and council had authorized notice and reimbursement steps in July. The earlier Comal.News advance report traced those steps and the proposed financing structure before council acted.
The staff report says the certificates are intended to fund the Coll Street drainage, roadway and utility-undergrounding project. The authorizing ordinance permits proceeds to cover street and drainage construction, design, land, easements, right of way, engineering, legal and fiscal services, and issuance costs.
The approval changes the project's status from a planned city debt sale to an authorized one. It does not change the city's stated operating plan for repayment: the New Braunfels Economic Development Corporation's sales-tax revenue is supposed to cover debt service, according to the item record.
The next financing record
City staff set October 28 as the closing date, when proceeds are scheduled to become available for construction. The city's financing timeline places Texas attorney general review and Comptroller registration before that closing.
The item record is the public route to check for the executed ordinance and official statement showing the final principal, interest rates, maturity schedule and annual payments. Those terms will show the borrowing cost behind the Coll Street work and allow residents to compare the sale with the financing plan council approved.