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AGENDA HIDALGO COUNTY COMMISSIONERS COURT MEETING October 16, 2018 9:30 A.M. |
NOTICE is hereby given in accordance with Chapter 551, Texas Government Code, that a SPECIAL MEETING of the Commissioners Court will be held in the Commissioners Courtroom of the Administration Building, 100 E. Cano, 1st floor, Edinburg, Hidalgo County, Texas. Discussion and possible action relating to the following business will be transacted:
1.
Roll Call
Judge Garcia called the meeting to order at 9:35 a.m.
All members of the court were present during the meeting.
Judge Garcia called the meeting to order at 9:35 a.m.
All members of the court were present during the meeting.
2.
Pledge of Allegiance
The entire court recited the Pledge of Allegiance.
The entire court recited the Pledge of Allegiance.
3.
Prayer
Opening prayer offered by Sergio Cruz.
Opening prayer offered by Sergio Cruz.
4.
Budget & Management:
A.
AI-67153
1. ORDER AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF HIDALGO COUNTY, TEXAS LIMITED TAX REFUNDING BONDS, TAXABLE SERIES 2018C AND MAKING OTHER PROVISIONS REGARDING SUCH BONDS AND MATTERS INCIDENT THERETO.
Sergio Cruz explained they are approving an amendment to the other issuing of the refunding bonds taxable series 2018B. The original order that was approved on September 11, 2018 included some language that was for tax exempt bonds which shouldn't have been included. They are now amending that order to strike out references to the tax exempt bonds, and only include that language when it's applicable to the taxable bonds.
Cruz requested no action on Item.4.A.1 & 2 as those are for the certificates of obligation and the attorney general has approved preliminary approval on those two issuances. He requested the court to take action on Item.4.A.3.
The budget officer retracted previous statement requesting no action on Item.4.A.1. Cruz noted that no action was needed on Item.4.A.2 & 3 and requested action on Item.4.A.1.
Judge Garcia noted this action was not the information given by Valde Guerra. On that note, Guerra disclosed to the judge that Cruz had previously informed that no action was needed on Item.4.A.1 & 2. Cruz clarified that there was a mixed up but the correct taxable series 2018C is on item.4.A.1.
Again, Cruz requested no action on Item.4.A.2 & 3.
Chuy Ramirez suggested the court to approve an emending order with respect to these refunding bonds.
On motion by COMMISSIONER PCT. 3, JOE M. FLORES, seconded by COMMISSIONER PCT. 4, JOSEPH PALACIOS, the Court made a UNANIMOUS vote of approval of the amending order with respect to the refunding bonds.
Vote: 5 - 0 - Unanimously
Jim Barnes asked for clarification on the refunding bonds and what the purpose of tax bond is. Sergio Cruz explained that the refunding bonds are to refinance two prior issuances that the county had already done. Basically, those bonds which were due in 4 or 5 years are being pushed back to make capacity for the issuance of the courthouse bonds. Fundamentally, what they are doing is refinancing. Cruz said the term is about 7 or 8 years but will provide Mr. Barnes with accurate information.
Barnes questioned if the rate changed or remain the same. Cruz informed the rate changed.
Judge indicated that Barnes was concern if this would cost more money. Cruz reported this would cost additional funds for the refunding bonds but interest rates have decreased since then.
Commissioner Fuentes suggested Cruz that when he provides Mr. Barnes with the information to quantify the interest rate the county would have paid and the interest they are going to pay now.
Regarding Item.4.A.2. & 3. Cruz informed no future action will be needed as action was already taken.
Ramirez disclosed that the official statement and the pricing of bonds have important information that is made available to the public.
2. ORDER AUTHORIZING ISSUANCE, SALE AND DELIVERY HIDALGO COUNTY, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2018A AND MAKING OTHER PROVISIONS REGARDING SUCH CERTIFICATES AND MATTERS INCIDENT THERETO.
No action taken on this item.
3. ORDER AUTHORIZING ISSUANCE, SALE AND DELIVERY HIDALGO COUNTY, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2018B AND MAKING OTHER PROVISIONS REGARDING SUCH CERTIFICATES AND MATTERS INCIDENT THERETO.
No action taken on this item.
Sergio Cruz explained they are approving an amendment to the other issuing of the refunding bonds taxable series 2018B. The original order that was approved on September 11, 2018 included some language that was for tax exempt bonds which shouldn't have been included. They are now amending that order to strike out references to the tax exempt bonds, and only include that language when it's applicable to the taxable bonds.
Cruz requested no action on Item.4.A.1 & 2 as those are for the certificates of obligation and the attorney general has approved preliminary approval on those two issuances. He requested the court to take action on Item.4.A.3.
The budget officer retracted previous statement requesting no action on Item.4.A.1. Cruz noted that no action was needed on Item.4.A.2 & 3 and requested action on Item.4.A.1.
Judge Garcia noted this action was not the information given by Valde Guerra. On that note, Guerra disclosed to the judge that Cruz had previously informed that no action was needed on Item.4.A.1 & 2. Cruz clarified that there was a mixed up but the correct taxable series 2018C is on item.4.A.1.
Again, Cruz requested no action on Item.4.A.2 & 3.
Chuy Ramirez suggested the court to approve an emending order with respect to these refunding bonds.
On motion by COMMISSIONER PCT. 3, JOE M. FLORES, seconded by COMMISSIONER PCT. 4, JOSEPH PALACIOS, the Court made a UNANIMOUS vote of approval of the amending order with respect to the refunding bonds.
Vote: 5 - 0 - Unanimously
Jim Barnes asked for clarification on the refunding bonds and what the purpose of tax bond is. Sergio Cruz explained that the refunding bonds are to refinance two prior issuances that the county had already done. Basically, those bonds which were due in 4 or 5 years are being pushed back to make capacity for the issuance of the courthouse bonds. Fundamentally, what they are doing is refinancing. Cruz said the term is about 7 or 8 years but will provide Mr. Barnes with accurate information.
Barnes questioned if the rate changed or remain the same. Cruz informed the rate changed.
Judge indicated that Barnes was concern if this would cost more money. Cruz reported this would cost additional funds for the refunding bonds but interest rates have decreased since then.
Commissioner Fuentes suggested Cruz that when he provides Mr. Barnes with the information to quantify the interest rate the county would have paid and the interest they are going to pay now.
Regarding Item.4.A.2. & 3. Cruz informed no future action will be needed as action was already taken.
Ramirez disclosed that the official statement and the pricing of bonds have important information that is made available to the public.
2. ORDER AUTHORIZING ISSUANCE, SALE AND DELIVERY HIDALGO COUNTY, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2018A AND MAKING OTHER PROVISIONS REGARDING SUCH CERTIFICATES AND MATTERS INCIDENT THERETO.
No action taken on this item.
3. ORDER AUTHORIZING ISSUANCE, SALE AND DELIVERY HIDALGO COUNTY, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2018B AND MAKING OTHER PROVISIONS REGARDING SUCH CERTIFICATES AND MATTERS INCIDENT THERETO.
No action taken on this item.
5.
Adjourn
On motion by COMMISSIONER PCT. 4, JOSEPH PALACIOS, seconded by COMMISSIONER PCT. 2, EDUARDO “EDDIE” CANTU, the Court made a UNANIMOUS vote of approval.
Vote: 5 - 0 – Unanimously
On motion by COMMISSIONER PCT. 4, JOSEPH PALACIOS, seconded by COMMISSIONER PCT. 2, EDUARDO “EDDIE” CANTU, the Court made a UNANIMOUS vote of approval.
Vote: 5 - 0 – Unanimously