SUBJECT:
Consideration and Action regarding approval of Ordinance No. 2020-10, authorizing the issuance and sale of City of Saginaw, Texas General Obligation Refunding Bond, Series 2020; 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:
The City was presented with a refunding opportunity to achieve debt service savings. Private placement bids will be accepted through noon on Tuesday, May 19. Bids and a summary of savings will be presented to the City Council.
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 2020-10, authorizing the issuance and sale of the City's General Obligation Refunding Bond, Series 2020; 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. |