SUBJECT
title
An Ordinance of the City of Laredo, Texas, authorizing the issuance, sale and delivery of up to $6,500,000.00 in aggregate principal amount of "Combination Tax and Revenue Certificates of Obligation, Series 2026A” for paying all or a portion of the City's contractual obligations incurred for the purpose of (1) renovating, improving, and equipping existing municipal buildings and facilities housing the governmental functions of the city, including administrative office facilities and library facilities; (2) acquiring, constructing, improving and equipping parks and recreational facilities; (3) acquiring, constructing, improving and equipping flood control and drainage projects, (4) purchasing real property, materials, supplies, equipment, machinery, landscaping, and rights of way for authorized needs and purposes related to the aforementioned capital improvements; and (5) paying legal, fiscal and engineering fees in connection with such projects; securing the payment thereof by authorizing the levy of an annual ad valorem tax and a pledge of certain surplus revenues of the City’s International Toll Bridge System; approving and authorizing the execution of all instruments and procedures related thereto; approving the form of an official statement; authorizing amendment to the City’s budget to appropriate such proceeds for purposes authorized herein; and declaring an effective date. Sbody
PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The City of Laredo is proposing to issue several debt instruments to support municipal initiatives. These include Certificates of Obligation, Series 2026; Public Property Finance Contractual Obligations, Series 2026; and Tax Notes, Series 2026, which will fund various capital improvement projects. Additionally, the City plans to issue a Combination Tax and Airport Revenue Certificate of Obligation Series, 2026B for the Laredo International Airport improvements, and a Sports Venue Sales Tax Revenue, Taxable Series 2026 to finance improvements to previously approved sports venue projects and related infrastructure.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Approve and adopt the First and Final Reading of this Ordinance.
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Fiscal Impact
Fiscal Year: 2026-2027
Budgeted Y/N?: N
Source of Funds: CO Bond Proceeds
Account #: Various
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Budget for fiscal year 2026-2027 will be amended as necessary to appropriate proceeds and debt service payments. Principal and interest payments will be determined at the time of pricing on September 21, 2026.