| | | | | | | | 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 General Obligation Bonds, Series 2019, authorizing the levy of an Ad Valorem Tax in support of the Bonds, approving an Official Statement, a Paying Agent/Registrar Agreement and other related documents, awarding the Sale of the Bonds and authorizing other matters relating to the bonds -- Leigh Wallace, Finance Director |
| | | | | | | | ITEM SUMMARY:
GENERAL OBLIGATION BONDS
2015 Transportation Authorization
20 Year Bonds
Shell Road Sidewalk $180,000
Rock St Sidewalk $250,000
Northbound Frontage Rd $150,000
Southeast Inner Loop - Design $1,200,000
Southwestern Blvd $1,550,000
Leander Rd $2,000,000
Subtotal – net proceeds $5,330,000
Estimated issuance costs $106,600
Total estimated issue $5,436,600
2015 Authorization Summary
Including today’s issue, the City will have issued $44,590,000 of $105 million authorized by City voters in May 2015 for transportation projects. Sidewalks were included within this authorization as an eligible project. With the issuance of these bonds, $60,410,000 of the bond authorization will remain that has not been issued.
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.
Please note all ordinances will be approved and effective on First Reading in accordance with Section 1201.028, Texas Government Code.
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| | | | | | | | 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 |
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