Title
Consider/Discuss/Act on All Matters Incident and Related to the Issuance and Sale of “City of McKinney, Texas, Tax and Limited Pledge Waterworks and Sewer System Revenue Certificates of Obligation, Taxable Series 2019”, Including the Adoption of an Ordinance Authorizing the Issuance of Such Certificates of Obligation, Establishing Parameters for the Sale and Issuance of Such Certificates of Obligation.
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: January 15, 2019
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
Trudy Mathis, Director of Finance
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Ordinance
ITEM SUMMARY:
• The Ordinance authorizes the issuance of $7,560,000 of Certificates to be issued on a taxable basis with an interest rate of 3.9% and a maximum maturity of August 15, 2028.
BACKGROUND INFORMATION:
• A Resolution giving notice of intention to issue Taxable Certificates of Obligation was passed on December 4, 2018 and the notice of intent was published in the Dallas Morning News on December 13, 2018 and December 20, 2018 as required.
• The purpose of the debt is for paying contractual obligations to be incurred for (i) acquisition, construction, improvement and equipment of park and recreational facilities, including the purchase of land thereof; and (ii) professional services rendered in relation to such project and the financing thereof.
FINANCIAL SUMMARY:
• Issuance of Taxable Certificates of Obligation in the amount of $7,560,000.
• All bond issuance costs will be paid from the bond proceeds.
• These bonds will be issued for the McKinney StarCenter expansion of the ice facility for an additional sheet of ice and other amenities.
BOARD OR COMMISSION RECOMMENDATION: N/A