SUBJECT:
Consideration and action regarding approval of Ordinance No. 2021-15, authorizing the issuance and sale of the City of Saginaw, Texas General Obligation Bonds, Series 2021; levying an annual ad valorem tax and providing for the security for and payment of said bonds; approving the official statement; providing an effective date; and enacting other provisions relating to the subject
BACKGROUND/DISCUSSION:
On May 1, 2021 voters approved issuance of bonds for the design and construction of improvements to Knowles Drive and design and construction of a new library and senior citizens center.
At the June 1, 2021 City Council meeting, direction was given to issue $9,000,000 of the voter approved bonds for the construction of the first phase of Knowles Drive ($6,800,000), the design of the library ($1,500,000) and senior citizens center ($700,000).
FINANCIAL IMPACT:
The issuance of the bonds will impact the debt service portion of the tax rate.
RECOMMENDATION:
Approval of Ordinance No. 2021-15 authorizing the issuance and sale of the City of Saginaw, Texas General Obligation Bonds, Series 2021; levying an ad valorem tax and providing for the security for and payment of said bonds; approving the official statement; providing an effective date; and enacting other provisions relating to the subject. |