AGENDA CAPTION:
Title
Consider approval of Resolution 2022-109R, 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 the City’s water and wastewater system, streets, airport, public safety facilities and equipment, stormwater management and flood control facilities, and electric utility system in an amount not to exceed $26,135,000.00
Body
Meeting date: May 17, 2022
Department: Finance-Anna Miranda, Interim Finance Director
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 2021 - City Council approved FY22 Capital Improvement Program (CIP); May 3, 2022 - City Council heard presentation on updates to FY22 CIP and related funding, including issuance of bonds
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Background Information:
The City of San Marcos approved a Capital Improvements Plan (CIP) during the FY2022 Budget process that called for the funding of approximately $51,150,003 in capital improvement projects for the City of San Marcos. These projects include water and wastewater system, streets, airport, public safety facilities and equipment, stormwater management and flood control facilities, and electric utility system. The funding for these projects comes from a combination of sources including issuance of Certificates of Obligation.
The first step in the process of issuing Certificate of Obligation bonds is a resolution directing publication of the notice to the public of City Council’s intention to issue the certificates of obligation in an amount not to exceed $26,135,000 including issuance costs. Two public notices are required to be posted in the local newspaper. The first notice must be posted at least 45 days prior to the sale. A complete timeline is attached.
Attached is a full report of the projects and the amounts to be funded by the debt issuance as presented and discussed at the May 3rd City Council meeting.
Council Committee, Board/Commission Action:
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Recommendation:
Recommend approval of Resolution 2022-XX.