BACKGROUND/DISCUSSION:
On March 3, 2020 the City Council resolved to reimburse $8,500,000 for certain capital expenditures.
On May 19, 2020 the City Council considered issuing debt for the construction of a Central Fire Station.
On June 16, 2020 the City Council resolved to publish a notice of intention to issue combination tax and revenue certificates of obligation.
Notice was published on June 24, 2020 and July 1, 2020 in a newspaper of general circulation and on the City's website.
During the budget workshop on August 4, 2020 staff confirmed a plan previously presented by SAMCO, the City's financial advisors, allowing for the issue of $20,500,000 in new debt with the ability to maintain the current debt service (I&S) tax rate, given certain assumptions.
FINANCIAL IMPACT:
Certificate of Obligation proceeds will fund the following projects:
Knowles Drive design and construction documents $ 2,500,000
North Old Decatur Road Design/reconstruction $ 750,000
Sidewalk and ADA improvements $ 1,000,000
WJ Boaz/ODR intersection improvements $ 1,000,000
Saginaw Blvd/McLeroy signal upgrade $ 500,000
Fire Station design and construction documents $ 1,200,000
Fire Station construction $13,550,000
Total $20,500,000
RECOMMENDATION:
Approval of ordinance 2020-15 authorizing the issuance and sale of City of Saginaw, Texas Combination Tax and Revenue Certificates of Obligation, Series 2020; levying an annual ad valorem tax and providing for the security for an payment of said certificates; approving the official statement; providing an effective date; and enacting other provisions relating to the subject.