Title
Consider/Discuss/Act on a Resolution 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 the Bonds; Enacting Other Provisions Incident and Related to the Issuance, Payment, Security and Delivery of the 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: August 27, 2026
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* The Resolution reauthorizes the issuance of up to $30 million in McKinney Community Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2026 (TIFIA), to be delivered to the TIFIA Lender under a TIFIA Loan Agreement. The proceeds will be used to refund the McKinney Community Development Corporation Sales Tax Revenue Bonds, Taxable Series 2025 (the "Series 2025 Bonds"), in the amount of $30.170 million, originally issued to finance improvements to the McKinney National Airport including construction of passenger terminal facilities.
* The Resolution approves the revised form of TIFIA Loan Agreement, substantially in the form attached as Exhibit B to the Resolution, with such modifications thereto as the Pricing Officer shall approve.
* Additionally, approval of this Resolution will authorize the Chair, Vice Chair, or President of the Corporation as Pricing Officers to finalize the terms of the Bonds and execute any and all documents needed to effect the transaction.
BACKGROUND INFORMATION:
* A resolution autho...
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