Title
Consider/Discuss/Act on All Matters Incident and Related to the Issuance and Sale of "City of McKinney, Texas, Tax and Limited Pledge Airport Revenue Certificates of Obligation, Taxable Series 2023", 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: November 07, 2023
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Ordinance
ITEM SUMMARY:
* The Ordinance authorizes the issuance of certificates of obligation in the maximum principal amount of not to exceed 24,500,000 to be issued on a taxable basis with a maximum true interest cost of 6.75% and a maximum maturity of August 15, 2044.
BACKGROUND INFORMATION:
* A Resolution giving notice of intention to issue Taxable Certificates of Obligation was passed on September 05, 2023 and the notice of intent was continually published on the City's website and also in the Dallas Morning News on September 11, 2023 and September 18, 2023 as required.
* The purpose of the debt is for paying contractual obligations to be incurred for (i) making improvements to the City's airport, namely the design and construction of a new corporate aircraft storage hangar, a federal inspection station and associated offices, vehicle parking, aircraft apron, taxiway extensions, jet blast deflectors and other related improvements and (ii) professional services rendered in relation to such projects and the financing thereof.
* FINANCIAL SUMMARY:
Issuance of Taxable Certificates of Obligation in the maximum principal amount amount of not to exceed $24,500,000. All bond issuance costs will be paid from the bond proceeds. The certificates will be amortized over twe...
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