AGENDA CAPTION:
Title
Consider approval of Ordinance 2021-56, on first and final reading, authorizing the issuance and sale of an amount not to exceed $38,115,000 of Combination Tax and Revenue Certificates of Obligation, Series 2021A, for constructing, improving, designing, acquiring and equipping the City’s (1) water and wastewater system; (2) electric utility system; (3) streets including related drainage, sidewalks, traffic improvements and lighting, including acquisition of right-of-way; (4) municipal buildings to include HVAC improvements; roof replacements and security improvements; (5) stormwater management and flood control facilities, including acquisition of land; (6) airport; (7) public safety facilities to include police and fire improvements and technology equipment upgrades; (8) network and fiber optic infrastructure equipment; (9) recreational facilities including parks and sports fields; (10 parking facilities; and (11) the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation and other matters related 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: June 1, 2021 - Council provided authorization to publish notice of intent and direction to proceed with issuance of Certificates of Obligation in the amount not to exceed $38,115,000
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Background Information:
Notice of intention to issue Certificates of Obligations (CO’s) was published in the San Marcos Daily Record on June 4th and 11th in the amount of $72,670,000 (for both Series A and B) and posted to the COSM website with the meeting date referenced as August 3, 2021 at 6pm. The published notice was for issuance of Certificates of Obligations in the principal amount not to exceed $38.115M for Series A. During the June 1, 2021 Council meeting Council approved the total debt amount and publishing the notice of intent.
These COs are 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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