DENISON, Texas (KTEN)—At their latest meeting, the Denison city council approved $42.3 million for infrastructure improvements over the coming year.

The biggest ticket item is a new pump station on Lake Texoma, with a $17 million price tag

"It will take water from Lake Texoma, pump that in, and then transport it—there's also a transmission line—all the way to Lake Randell, and then from Lake Randell it's pulled into the treatment process," said Fanchon Stearns, Denison capital improvement project and engineering manager.

The Waterloo sewer line is also getting a facelift to the tune of $5 million, allowing more development in the area

"It's old, it's undersized, so we're replacing it and making it a little bit bigger, and also extending it to serve frontage along highway 75," Stearns said. "That will allow for commercial development and residential development all up and down the 75 corridor, and it will also improve service for existing customers in those neighborhoods."

Denison is funding these projects with bonds with low interest rates, thanks to the city's strong borrowing history. The city will receive the funds in late April and pay off the bonds over the next 20 years.

"The credit ratings are much like our own personal credit ratings," financial advisor Marti Shew said. "The higher your personal credit rating, the lower the cost of borrowing when you go to apply for a mortgage or buy a car. The same holds true for the city—so the higher your credit rating, the lower the cost of borrowing when you issue bonds"

Other projects included in the plans are further construction on Loy Lake Road, and expanding the Rylant water treatment plant.