AGENDA CAPTION:
Title
Consider approval of Ordinance 2016-55, on the first of two readings, authorizing the issuance of City of San Marcos, Texas General Obligation Refunding Bonds in an amount not to exceed $45,000,000 in one or more series; approving an Official Statement, a Paying Agent/Registrar Agreement, a Bond Purchase Agreement and an Escrow Agreement; establishing the procedures for selling and delivering one or more series of the bonds; and authorizing other matters relating to the bonds.
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Meeting date: December 6, 2016
Department: Finance-Heather Hurlbert, Finance Director
Funds Required:
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Funds Available:
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CITY COUNCIL GOAL: Sound Finances
BACKGROUND:
Finance and the City’s Financial Advisor routinely evaluate the City’s debt obligations for opportunities to refinance existing debt at more favorable interest rates while maintaining existing terms and conditions. This ordinance allows the City to exercise the option to refinance existing debt at a more favorable interest rate if the opportunity arises. This option is active for up to one year from approval by City Council and will not be exercised unless the savings from the refinancing will achieve a net present value of at least 3%.
This delegation ordinance will remain in effect until December 6, 2017.