AGENDA CAPTION:
Title
Consider approval of Ordinance 2021-59, on first and final reading, authorizing the second supplemental ordinance to the master ordinance establishing the City of San Marcos, Texas electric utility system revenue financing program; authorizing the issuance of City of San Marcos, Electric Utility Revenue Refunding Bonds in an amount not to exceed $17,000,000 for the purpose of refunding the City’s outstanding electric utility system revenue bonds; providing for approval of this Ordinance on one reading only as authorized by State law; authorizing other matters relating to the bonds; and declaring an effective date.
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:
During the May 20, 2021 F&A Committee meeting, the refunding of Electric Utility bonds was presented for consideration. These refunding bonds are to be sold in a negotiated sale with pricing scheduled for the week of August 23, 2021. Estimated savings from the refunding is over $1.2M over 14 years. This Ordinance delegates the final approval of the sale within the parameters set forth in the Ordinance including maximum term, interest rate and issuance amount to the Pricing Officer. The Pricing Officer is the City Manager, or in his absence, the Mayor, acting as the designated Pricing Officer of the City to execute each Pricing Certificate.
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