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City Council Regular Meeting
The voters authorized the City to issue $15,450,000 for public safety facilities (Proposition A) at an election held November 2, 2021. The Council is requested to authorize City staff and consultants to proceed with the sale of approximately $15,450,000 General Obligation Bonds, Series 2022. The Proceeds will be used for construction of fire station No. 4. The Bonds will be amortized over 20 years and will be callable by the City in 10 years as is customary for a financing of this size.
The voters authorized the City to issue $7,000,000 for FM 1518 and FM 1103 improvements (Proposition 1) at an election held on November 3, 2015. The Council is requested to authorize staff and consultants to proceed with the remaining $4,395,000 from this proposition. The Bonds will be amortized over 20 years and will be callable by the City in 10 years as is customary for a financing this size.
To provide funding for Fire Station 4 and FM 1518 improvements.
The community will benefit from reduced response time for fire emergency calls and improved traffic along FM 1518.
SUMMARY OF RECOMMENDED ACTION
Approval to move forward with the sale of General Obligation, voter approved, bonds in August.
The issuance of the Bonds should not result in a tax rate increase. The proceeds will be delivered to the City on August 24th. The Bonds are being issued at the same time as the Certificates of Obligation, to be discussed in greater detail under separate agenda items to follow. When the CO’s are approved, along with this GO Bond, it is estimated that there will be no impact on the I&S Tax Rate.
Approval of resolution 22-R-57 authorizing staff and consultants to proceed with the issuance process.
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