Title
Consider/Discuss/Act on All Matters Incident and Related to the issuance and sale of the "McKinney Economic Development Corporation Sales Tax Revenue Improvement and Refunding Bonds, Taxable Series 2021," including the adoption of a resolution authorizing the issuance of such bonds, establishing parameters for the sale and issuance of such bonds and delegating certain matters to an authorized official of the Corporation.
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: March 16, 2021
DEPARTMENT: MEDC / City Financial Services
CONTACT: Peter Tokar, MEDC President
Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution
ITEM SUMMARY:
* This Resolution approves the MEDC Board action to issue not to exceed $16.5 million in taxable sales tax revenue bonds (and)
* Not to exceed $25 million of sales tax revenue refunding bonds (tax exempt)
* The current interest rate for the bonds ranges shall not exceed 4%.
* Additionally, approval of this resolution will designate the Chairman or Vice Chairman of the Board of Directors of the Corporation or the President and Chief Executive Officer of the Corporation as Pricing Officers to execute the transaction. This will enable pricing of the bonds at such time as the market conditions are most favorable.
BACKGROUND INFORMATION:
* The purposes of the issuance are (i) in the principal amount specified in the Pricing Certificate to provide funds to finance the costs of the Projects authorized by Section 501.101 of the Local Government Code which will create or retain primary jobs, (ii) in the principal amount specified in the Pricing Certificate for the discharge and final payment of certain outstanding obligations of the Corporation and (iii) to pay costs of issuance, in conformity with the Constitution and laws of the State of Texas, including the Act, the Texas...
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