SUBJECT
title
An Ordinance of the City of Laredo, Texas, authorizing the issuance of approximately $99,580,000.00 in aggregate principal, amount of “Waterworks and Sewer System Revenue Bonds, New Series 2024” for the purpose of improving and extending the City’s combined waterworks system and sewer system, approving an official statement, authorizing the execution of a purchase contract, making provisions for the security thereof; delegating to certain city officials the authority to approve all final terms of the bonds; authorizing amendment to the City’s budget to appropriate such proceeds for purposes authorized herein; and ordaining other matters relating to the subject.
body
PREVIOUS COUNCIL ACTION
Presentation of the Plan of Finance by Noe Hinojosa of Estrada-Hinojosa & Company on July 22, 2024.
BACKGROUND
The City of Laredo is proposing to sell Water & Sewer Revenue Bonds in the approximate amount of $99,580,000.00. The bonds will be used for the purpose of improving and extending the City's combined Waterworks and Sewer System.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Approve and adopt the First and Final Reading of this Ordinance.
end
Fiscal Impact
Fiscal Year: 2024-2025
Budgeted Y/N?: N
Source of Funds: Bond Proceeds
Account #: Various
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Budget for fiscal year 2024-2025 will be amended as necessary to appropriate proceeds and debt service payments. Principal and interest payments will be determined at the time of sale.