AGENDA CAPTION:
Title
Consider approval of Ordinance 2018-44, on first and final reading, to authorize the issuance of City of San Marcos, Texas Combination Tax and Surplus Revenue Certificates of Obligation in an amount not to exceed $1,935,000.00 in connection with the purchase of the Millican Tract; authorizing the execution of the Principal Forgiveness Agreement; providing for adoption of this Ordinance on one reading only in accordance with State Law; and authorizing other matters relating to the bonds; and providing an effective date.
Body
Meeting date: October 16, 2018
Department: Finance
Amount & Source of Funding
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Fiscal Note:
Prior Council Action: In December 2017 the City Council approved a resolution for the filing of an application with the Texas Water Development Board (TWDB) seeking financial assistance for the purchase of the Millican Tract. In June 2018 the TWDB approved financial assistance in the amount of $3,209,900 from the Clean Water State Revolving Fund consisting of $1,935,000 in financing and $1,274,900 in principal forgiveness for the acquisition of property and associated costs to mitigate non-point source pollution.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Stormwater
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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☒ Environment & Resource Protection - Natural Resources necessary for community's health, well-being, and prosperity secured for future development
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Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Stormwater Master Plan
Background Information:
On August 21, 2018, the City Council passed a resolution authorizing the publication of a notice of intent (the "Notice Resolution") to issue City of San Marcos, Texas Combination Tax and Surplus Revenue Certificates of Obligation in a maximum principal amount not to exceed $1,935,000 (the "Certificates").
These bonds are being issued through the Texas Water Development Board (TWDB) for reimbursement of the purchase of the Millican Tract.
Council Committee, Board/Commission Action:
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Alternatives:
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