Title
Consider/Discuss/Act on all Matters Incident and Related to the Issuance and Sale of “Mckinney Economic Development Corporation Sales Tax Revenue Bonds, Taxable Series 2018”, Including the Adoption of a Resolution Authorizing the Issuance of Such Bonds
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: July 12, 2018
DEPARTMENT: MEDC / City Financial Services
CONTACT: Mark Holloway, City Chief Financial Officer
Abby Liu, MEDC Interim President
RECOMMENDED BOARD ACTION:
• Approval of the resolution
ITEM SUMMARY:
• This resolution is to approve the issuance of approximately $20.14 million in taxable sales tax revenue bonds
BACKGROUND INFORMATION:
- The purpose of the issuance is for acquisition of land and to pay for the costs of issuing the bonds
- In spring 2018 MEDC purchased several parcels of land totaling $32.35 million
- There is a concurrent item on this agenda for the board to approve a resolution declaring its expectation to reimburse itself for the prior land acquisitions from the bond proceeds
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- FINANACIAL INFORMATION:
- The bonds were offered for private placement through a competitive bidding process which closed on July 6, 2018