SUBJECT:
Consideration and Action on an ordinance authorizing the issuance and sale of the City of Saginaw, Texas General Obligation Bonds, Series 2022; 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 provisions relating to the subject (Ordinance No. 2022-06)
BACKGROUND/DISCUSSION:
On May 1, 2021 voters approved issuance of bonds for the construction of a new library and senior citizens center.
At the April 5, 2022 City Council meeting, direction was given to issue $23,700,000 of the voter approved bonds for the construction of the library ($17,200,000)/senior citizens ($6,500,000) center.
FINANCIAL IMPACT:
The issuance of the bonds will impact the debt service portion of the tax rate.
RECOMMENDATION:
Approval of Ordinance No. 2022-06 authorizing the issuance and sale of the City of Saginaw, Texas General Obligation Bonds, Series 2022, 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. |