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: September 3, 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 acquiring, constructing, improving, extending, and equipping municipal airport facilities and professional services rendered in relation to such projects and the financing thereof.
- The debt will be payable from ad valorem taxes and a limited pledge of the net revenues of the City's municipal airport facilities.
BACKGROUND INFORMATION:
- A 30-day public notice must be posted prior to issuing debt
FINANCIAL SUMMARY:
ยท A Certificate of Obligation will be issued in an amount not to exceed $18 million which includes the cost of issuing the debt.
- $17.5 million of the debt will be used directly for the acquisition of the facility.
BOARD OR COMMISSION RECOMMENDATION: N/A