Agenda No. 1.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | November 15, 2021 |
| Department: | City Secretary |
| Subject: | Resolution No. 21-R-126 - Consideration and/or action approving a Resolution canvassing the returns and declaring the results of a Bond Election; and other matters in connection therewith. (Mayor/Council/B. Dennis) |
BACKGROUND
On August 10, 2021, the City Council of the City of Schertz, Texas ordered an election to be held on November 2, 2021 for the purpose of determining whether the residents, qualified voters of the City would authorize the issuance of general obligation bonds by the City.
The City of Schertz held a Bond election on November 2, 2021 for the purpose of submitting the following proposition to the qualified voters of the City:
“Shall the City Council of the City of Schertz, Texas be authorized to issue and sell one or more series of general obligation bonds of the City in the aggregate principal amount of not more than $15,450,000 for the purpose of making permanent public improvements or other public purposes, to wit: acquiring, constructing, improving, renovating, and equipping public safety facilities (to include a new fire station), acquiring lands and rights-of-way necessary thereto, and completing related landscaping, such bonds to mature serially or otherwise (not more than 40 years from their date) in accordance with law; and any issue or series of said bonds to bear interest at such rate or rates (fixed, floating, variable or otherwise) as may be determined within the discretion of the City Council, provided that such rate of interest shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council of the City be authorized to levy and pledge, and cause to be assessed and collected, annual ad valorem taxes, within the limitations prescribed by law, on all taxable property in said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity and the cost of any credit agreements executed in connection with the bonds?”
The City of Schertz held a Bond election on November 2, 2021 for the purpose of submitting the following proposition to the qualified voters of the City:
PROPOSITION A
“Shall the City Council of the City of Schertz, Texas be authorized to issue and sell one or more series of general obligation bonds of the City in the aggregate principal amount of not more than $15,450,000 for the purpose of making permanent public improvements or other public purposes, to wit: acquiring, constructing, improving, renovating, and equipping public safety facilities (to include a new fire station), acquiring lands and rights-of-way necessary thereto, and completing related landscaping, such bonds to mature serially or otherwise (not more than 40 years from their date) in accordance with law; and any issue or series of said bonds to bear interest at such rate or rates (fixed, floating, variable or otherwise) as may be determined within the discretion of the City Council, provided that such rate of interest shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council of the City be authorized to levy and pledge, and cause to be assessed and collected, annual ad valorem taxes, within the limitations prescribed by law, on all taxable property in said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity and the cost of any credit agreements executed in connection with the bonds?”
GOAL
Canvass the returns and declare the results of the Bond Election. Results are as follows:
For: 2460
Against: 1057
For: 2460
Against: 1057
COMMUNITY BENEFIT
To make permanent public improvements or other public purposes, acquire, construct, improve, renovate, equip public safety facilities to include a new fire station, acquire lands, and right-of-ways necessary and completing related landscaping.
SUMMARY OF RECOMMENDED ACTION
Approve Resolution No. 21-R-126
FISCAL IMPACT
None
RECOMMENDATION
Staff recommends Council approve Resolution No. 21-R-126 canvassing the returns and declaring the results of the Bond Election and state the following Motion:
"I Councilmember ___________ make a motion, seconded by Councilmember _________ that the City Council adopts a resolution canvassing the returns and declaring the results of a bond election"