Title
Consider/Discuss/Act on an Ordinance Authorizing the Issuance of “City of McKinney, Texas, Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 2020”, and Delegating Matters Relating to the Sale and Issuance of Said Bonds to an Authorized City Official(s)
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: June 16, 2020
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Ordinance
ITEM SUMMARY:
• The City is issuing Waterworks and Sewer System Revenue Bonds for $22,315,000 of various water and sewer related projects and refunding $3,570,000 of previously issued revenue bonds.
• Additionally, approval of this ordinance will designate the City Manager, Chief Financial Officer and Director of Finance 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:
• Continued growth drives the need for major capital improvements.
• Applications have been made to both Standard and Poor’s (S&P) and Moody’s Investors Services, Inc. (Moody’s) to review the bond rating.
FINANCIAL SUMMARY:
• The total not to exceed principal amount for new issue is $22,315,000.
• The total not to exceed principal amount for refunding issue is $3,570,000.
BOARD OR COMMISSION RECOMMENDATION:
• N/A