AGENDA CAPTION:
Title
Consider approval of Resolution 2024-22R, authorizing proceeding with issuance of Certificates of Obligation and further directing the publication of Notice of Intention to Issue City of San Marcos, Texas Combination Tax and Revenue Certificates of Obligation for certain projects for improving, constructing, equipping, acquiring, or designing the City’s: water and wastewater system, including technology improvements; streets, sidewalks; public safety facilities, including fire station improvements; stormwater management for flood control and drainage, electric utility system; and the payment of professional services in connection therewith including fiscal and engineering fees and the costs of issuing the certificates of obligation related thereto in an amount not to exceed $31,100,000.
Body
Meeting date: February 20, 2024
Department: Finance and Engineering/Capital Improvement
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: September 19, 2023 - City Council approved the Fiscal Year 2024 Capital Improvement Program (CIP). February 6, 2024 - City Council received a presentation on the CIP projects included in the 2024 issuance at a work session.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Quality of Life & Sense of Place
Public Safety, Core Services & Fiscal Excellence
Environmental Protection
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☐ Economic Development - Choose an item.
☒ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
☒ Parks, Public Spaces & Facilities - Well maintained public facilities that meet needs of our community
☒ Transportation - Safe, Well coordinated transportation system implemented in an environmentally sensitive manner
☒ Core Services
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Choose an item.
Background Information:
The Fiscal Year 2024 Capital Improvement Plan (CIP) was approved during the budget process. Projects included in the CIP spans the water and wastewater system, streets, airport, parks and recreation, technology, public safety, stormwater management, and electric utility system. Funding for these projects come from multiple sources, including certificates of obligation.
The first step in issuing certificates of obligation is City Council considering a resolution directing the publication of a notice of the City’s intent to issue the certificates. If approved, the notice will be published once a week for two consecutive weeks in the local newspaper and continuously on the City’s website. The next and final action required by City Council will be on April 16, 2024, when City Council will consider an ordinance authorizing the issuance of the certificates of obligation.
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
City Council approve the resolution authorizing proceeding with issuance of certificates of obligation and further directing the publication of notice of intention to issue the certificates in an amount not to exceed $31,100,000.