Title
Consider/Discuss/Act on a Resolution of the McKinney Community Development Corporation Authorizing the Issuance of "McKinney Community Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2026 (TIFIA);" Pledging Certain "Pledged Revenues" of the Corporation Including "Gross Sales Tax Revenues", to the Payment of the Principal of and Interest on Said Bonds, Enacting Other Provisions Incident and Related to the Issuance, Payment, Security and Delivery of Said Bonds, Including the Approval of a Paying Agent/Registrar Agreement, and a TIFIA Loan Agreement; Resolving Other Matters Incident and Related to the Issuance and Sale of the Bonds and Providing an Effective Date
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: March 03, 2026
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION: Approval of Resolution
ITEM SUMMARY:
* This Resolution approves the MCDC Board action to issue the McKinney Community Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2026 (TIFIA Loan)
* The City hereby agrees to promptly collect and remit to the Issuer the Gross Sales Tax Revenues (as defined in the Issuer Resolution) in accordance with the terms of the Issuer Resolution and the Act to provide for the prompt payment of the Bonds.
BACKGROUND INFORMATION:
* The Loan will be used to pay the costs of refunding the Bonds issued in 2025 in conformity with the Constitution and laws of the State of Texas.
FINANCIAL SUMMARY:
* The Bonds shall never be construed as an indebtedness or pledge of the City.
* The Loan will not exceed $30,000,000.
* Per the TIFIA Agreement, the interest rate for the Loan will be set within five days of closing and will be one half of the SLGS rate plus 1 basis point.
* Term not to exceed 30 years.
BOARD OR COMMISSION RECOMMENDATION:
...
Click here for full text