Agenda No. 7.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | September 3, 2024 |
| Department: | Finance |
| Subject: | Ordinance No. 24-B-152 - Consideration and approval by the city council of the City of Schertz, Texas authorizing the issuance of “City of Schertz, Texas, Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2024”; providing for the payment of said certificates by the levy of an ad valorem tax upon all taxable property within the city and further securing said certificates by a lien on and pledge of the pledged revenues of the system; and other matters incident and related thereto. First & Final Reading (S.Williams/J.Walters/A.Friedman) |
BACKGROUND
The Ordinance authorizes the sale of Obligations for the projects previously proposed and properly noticed subsequent the Notice of Intention Resolution adopted by the Council on July 2, 2024. The Certificates will fund street improvements in an amount of $20,000,000.
The City used the competitive sale method accepting bidders on our bonds with the award going to the one with the best interest rate, which results in the lowest interest expenses for the City.
The City used the competitive sale method accepting bidders on our bonds with the award going to the one with the best interest rate, which results in the lowest interest expenses for the City.
GOAL
To approve a bond ordinance and improve roadways in the City of Schertz.
COMMUNITY BENEFIT
To improve traffic flows and road improvements along Lower Segiun Road and make quality of life improvements to Main Street.
SUMMARY OF RECOMMENDED ACTION
Staff recommends approval of the bond ordinance.
FISCAL IMPACT
When the Certificates of Obligation (CO’s) are approved, it is estimated that there will be no further impact on the city's tax rate.
RECOMMENDATION
Staff recommends approving the Ordinance 24-B-152 authorizing the sale of the Certificates.
Motion: I MOVE THAT THE CITY COUNCIL ADOPT AN ORDINANCE AUTHORIZING THE “CITY OF SCHERTZ, TEXAS, COMBINATION TAX AND LIMITED PLEDGE REVENUE CERTIFICATES OF OBLIGATION, SERIES 2024”
Motion: I MOVE THAT THE CITY COUNCIL ADOPT AN ORDINANCE AUTHORIZING THE “CITY OF SCHERTZ, TEXAS, COMBINATION TAX AND LIMITED PLEDGE REVENUE CERTIFICATES OF OBLIGATION, SERIES 2024”