SUBJECT:
Consideration and Action regarding approval of Ordinance No. 2019-20, authorizing the issuance and sale of City of Saginaw, Texas General Obligation Refunding Bond, Series 2019; levying an annual ad valorem tax and providing for the security for and payment of said bond; providing an effective date; and enacting other provisions relating to the subject.
BACKGROUND/DISCUSSION:
On October 1st the City Council was presented with a refunding opportunity to achieve debt service savings. Due to the bank holiday on October 14th, Columbus Day, private placement bids will be accepted through October 15th. Andrew Friedman of SAMCO Capital Markets, Inc. will be present to review the bids and summarize the savings.
FINANCIAL IMPACT:
The debt service savings that will result from the bond refunding will not be known until the bids are received. The savings analysis will be presented at the City Council meeting.
RECOMMENDATION:
As long as certain savings thresholds can be met, staff recommends approval of Ordinance No. 2019-20, authorizing the issuance and sale of the City's General Obligation Refunding Bond, Series 2019; levying an annual ad valorem tax and providing for the security for and payment of said bond; providing an effective date; and enacting other provisions relating to the subject.
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