File #: 13-166    Name: Certificate of Obligation
Type: Ordinance Status: Approved
In control: City Council Regular Meeting
On agenda: 2/19/2013 Final action: 2/19/2013
Title: Consider/Discuss/Act on All Matters Incident and Related to the Issuance and Sale of City of McKinney, Texas Tax and Limited Pledge Hotel Occupancy Tax Revenue Certificates of Obligation, Taxable Series 2013, Including the Adoption of an Ordinance 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 City
Attachments: 1. Agenda Item Summary, 2. Ordinance
 
Title
Consider/Discuss/Act on All Matters Incident and Related to the Issuance and Sale of City of McKinney, Texas Tax and Limited Pledge Hotel Occupancy Tax Revenue Certificates of Obligation, Taxable Series 2013, Including the Adoption of an Ordinance 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 City
 
Summary
 
MEETING DATE:      February 19, 2013
 
DEPARTMENT:       Financial Services
 
CONTACT:        Rodney Rhoades, Chief Financial Officer
 
 
RECOMMENDED CITY COUNCIL ACTION:      
·      Approval of Ordinance
 
ITEM SUMMARY:  
·      The Ordinance allows for up to $6.25 million of Certificates to be issued on a taxable basis with a maximum interest rate not to exceed 5% and a maximum maturity not to exceed January 1, 2039.
·      $6 million of the CO will be used for the Gateway Event Center Project FC3254 with the remaining $250,000 for cost issuance fees.
BACKGROUND INFORMATION:  
·      A Resolution was passed on January 15, 2013 declaring the expectation to reimburse expenditures with proceeds from future debt.
·      The purpose of the debt is for acquiring, constructing, improving and equipping convention center facilities, including the acquisition of sites.
 
FINANCIAL SUMMARY:  
·      Certificate of Obligation not to exceed $6.25 million
 
BOARD OR COMMISSION RECOMMENDATION:  N/A