AGENDA CAPTION:
Title
Consider approval of Ordinance 2021-58, on first and final reading, authorizing the issuance of City of San Marcos, Texas General Obligation Bonds, Series 2021 in the amount not to exceed $4,750,000 for (1) constructing, improving, renovating and equipping public safety facilities to include the police and fire departments and related emergency and training facilities and related water, wastewater, drainage, streets, sidewalks, parking, infrastructure and other related costs, and (2) paying the legal fees and other such costs incurred in connection therewith; including the costs of issuing the bonds authorizing the levy of an ad valorem tax in support of the bonds; approving an official statement, a bond purchase agreement, a paying agent/registrar agreement, and other documents related to the issuance of the bonds thereto; providing for adoption of this Ordinance on one reading only in accordance with State Law.
Body
Meeting date: August 3, 2021
Department: Finance, Marie Kalka, Finance Director
Amount & Source of Funding
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Fiscal Note:
Prior Council Action:
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Background Information:
In May 2017, the voters of the City authorized City Council to issue in one or more series the bonds set forth in proposition numbers 1 and 2, which in aggregate total $32,200,000 in principal amount. The majority of funds have been issued; however, at this time the City deems it necessary to issue $4,750,00 in aggregate principal amount of the remaining bonds authorized by Proposition Number 1 for the purpose of construction of Fire Station #6.
This GO bond is to be sold in a competitive sale with pricing scheduled for the morning of August 3, 2021. This draft ordinance will be finalized with the completion of the sale and provided to Council, along with finalized sale numbers prior to the meeting. The City’s Financial Advisor, Dan Wegmiller, will be at Council meeting to discuss the final results of the sale and answer any questions Council may have.
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