| | | | | | | | Meeting Date:
| 7/23/2019
| Staff Contact:
| Gabe Reaume, City Manager
| Agenda Items:
| (9)
| E-mail:
| greaume@saginawtx.org
| | | | Phone: | 817-230-0324 |
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SUBJECT:
Consideration and action regarding the sale of tax notes. Presentation by SAMCO Capital Markets on tax note analysis and proposed timetable.
BACKGROUND/DISCUSSION:
During the presentation by Lewis McLain at the May 21, 2019 City Council meeting the issue of debt capacity was discussed. Lewis presented a slide showing the current debt obligations and the capacity for new debt. An option was presented to issue short term debt in order to maintain capacity in the interest and sinking portion of the tax rate. This is an option to consider leading up to a May 2020 bond election.
FINANCIAL IMPACT:
The financial analysis will be presented to the City Council. Under the proposal a $2,000,000 tax note will be issued to purchase land for future municipal facilities, partially fund the Willow Creek Park Playground, expansion of the parking lot at the Police Department, and roadway improvements.
RECOMMENDATION:
Staff recommends consideration of issuing a $2,000,000 tax note and provide authorization if the City Council would like to proceed with issuing short term debt. |
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