AGENDA CAPTION:
Title
Consider approval of Ordinance 2024-18, on the first and final reading, authorizing the issuance and sale of an amount not to exceed $31,100,000.00 of Combination Tax and Revenue Certificates of Obligation, Series 2024, levying an ad valorem tax and pledging certain surplus revenues in support of the certificates; approving an official statement, a paying agent/registrar agreement for improving, constructing, equipping, acquiring, or designing the city's: water and waste water 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 legal, fiscal and engineering fees and the costs of issuing the certificates of obligation and other matters related thereto; and providing for the approval of this Ordinance 2024-18, on one reading as authorized by state law.
Body
Meeting date: April 16, 2024
Department: Finance
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 Ordinance 2023-61(b), approving the Fiscal Year 2024 Capital Improvement Program. February 20, 2024 City Council approved Resolution #2024-22R, authorizing proceeding with the issuance of Certificates of Obligation and directing the publication of Notice of Intention to issue the certificates.
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 - Choose an item.
☒ Transportation - Choose an item.
☒ 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 Program (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.
On February 20, 2024, City Council passed a resolution directing the publication of notice of intention to issue certificates of obligation. Two public notices were published on February 23, 2024 and March 1, 2024 in the San Marcos Daily Record and the notice was posted on the City’s website. The final action by City Council is the consideration of this ordinance authorizing the issuance of the certificates of obligation.
The certificates of obligation are expected to be sold in a competitive sale with bids scheduled to be received the morning of April 16, 2024. A draft of the ordinance is attached, and the final version will be provided on April 16, 2024, after the certificates of obligation are priced. The attached draft is not complete because the information will be unknown until after the certificates are priced. The final version will include all information.
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
City Council approve the ordinance authorizing the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2024, in the amount not to exceed $31,100,000.