Title
Consider/Discuss/Act on All Matters Incident and Related to Amending Certain Provisions of Ordinance No. 2026-03-029 of the City Council of the City of McKinney, Texas, Authorizing the Issuance of “City Of McKinney, Texas, General Obligation Refunding and Improvement Bonds, Series 2026”; and, Except as Herein Amended and Modified, Ratifying and Confirming the Passage and Adoption of Ordinance No. 2026-03-029; and Providing an Effective Date
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: April 21, 2026
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Amendment of Ordinance No. 2026-03-029
ITEM SUMMARY:
• The City desires to preserve the option to issue both tax-exempt and taxable bonds to finance projects identified by the Pricing Officer and to include that option in the Parameters
• Keep parameter of the maximum true interest cost shall not exceed 5.00% for tax-exempt bonds
• Add parameter of the maximum true interest cost shall not exceed 6.50% for taxable bonds
BACKGROUND INFORMATION:
• The original ordinance was adopted on March 17, 2026.
FINANCIAL SUMMARY:
• Total maximum true interest cost shall not exceed 6.50% for taxable bonds
BOARD OR COMMISSION RECOMMENDATION: N/A