Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Approving and Authorizing the Publication of Notice of Intention to Issue Series 2013 Certificates of Obligation
Summary
MEETING DATE: January 15, 2013
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approve the resolution and notice of intent to issue debt
ITEM SUMMARY:
· Authorize a resolution to notify the City's intent to issue debt for the purpose of constructing and equipping a convention/event center including the acquisition of sites therefore located within the Gateway site.
· The debt will be payable from ad valorem taxes and a limited pledge of the City's hotel occupancy tax revenues generated from an adjacent hotel.
BACKGROUND INFORMATION:
· A 30-day public notice must be posted prior to issuing debt
FINANCIAL SUMMARY:
· A Certificate of Obligation will be issued in an amount not to exceed $6.25 million which includes the cost of issuing the debt.
· $6 million of the debt will be used directly for the construction of the facility.
BOARD OR COMMISSION RECOMMENDATION: N/A