BACKGROUND/DISCUSSION:
On May 1, 2021 voters approved bonds for the construction of Knowles Drive Phases 2 & 3 and Park Improvements.
At the February 7, 2023 City Council Meeting, direction was given to issue $16,950,000 for the construction of Phases 2 & 3 of Knowles Drive ($12,950,000) and Park Improvements ($4,000,000).
Bids will be accepted on March 21, 2023 and Andrew Friedman with SAMCO Capital will present the bond pricing at the City Council Meeting.
FINANCIAL IMPACT:
The issuance of bonds will impact the debt service portion of the tax rate.
RECOMMENDATION:
Approval of Ordinance No. 2023-12 authorizing the issuance and sale of the City of Saginaw, Texas General Obligation Bonds, Series 2023; 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.