| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
April 23, 2019 |
| | | | | | | | SUBJECT:
First Reading of an Ordinance authorizing the Issuance of City of Georgetown, Texas Combination Tax and Revenue Certificates of Obligation, Series 2019, levying an Ad Valorem Tax and the pledge of certain revenues in support of the certificates, approving an Official Statement, a Paying Agent/Registrar Agreement and other agreements related to the sale and issuance of the certificates and authorizing other matters related to the Issuance of the Certificates -- Leigh Wallace, Finance Director |
| | | | | | | | ITEM SUMMARY:
This item is to approve the sale of certificates of obligation for the following purposes:
20 Year Bonds – COs (net proceeds)
Blue Hole Parking Expansion/Sidewalk $100,000
Downtown Parking Expansion $350,000
Downtown Parking Garage $2,500,000
Fire Station 6 $5,200,000
Fire Station 7 $6,250,000
Neighborhood Park Development $250,000
VFW Parking Lot Addition $175,000
15 Year Bonds – COs (net proceeds)
Self-Contained Breathing Apparatus Replacement $290,000
11 Year Bonds – COs (net proceeds)
Public Safety Vehicles $1,025,000
10 Year Bonds – COs (net proceeds)
Public Safety Vehicles $119,500
6 Year Bonds – COs (net proceeds)
Public Safety Vehicles $623,500
5 Year Bonds – COs (net proceeds)
Public Safety Radio Replacement $500,000
1 Year Bonds – COs (net proceeds)
Fire Station 1 & 3 – Improvement Assessment $30,000
Subtotal – Tax Supported Certificates of Obligation $17,413,000
20 Year Bonds - Self-supporting COs (net proceeds)
Airport CIP $465,000
Downtown Parking Garage - TIRZ $2,500,000
Stormwater CIP $500,000
Solid Waste & Recycling Transfer Station - Design $1,000,000
8 Year Bonds – COs (net proceeds)
Stormwater Street Sweeper $280,000
Subtotal-Self Supported Certificates of Obligation $4,745,000
Estimated Issuance Costs $250,000
Total Certificates of Obligation $22,408,000
Actual interest rates for this debt issue will not be determined until just prior to the reading of the ordinance at the Council meeting on April 23, 2019. The City will receive the proceeds May 16, 2019.
Please note all ordinances will be approved and effective on First Reading in accordance with Section 1201.028, Texas Government Code.
|
| | | | | | | | FINANCIAL IMPACT:
There is no anticipated change to the Interest & Sinking portion of the tax rate due to this bond issue. The actual impact will be finalized in July 2019, once the Assessed Property Valuation is certified and the 2020 Tax Rate is set. |
| | | | | | | | SUBMITTED BY:
Leigh Wallace, Finance Director |
|