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Legislation Details
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File #:
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2024-O-186
Version:
1
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Type:
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First and Final Reading
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Status:
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Agenda Ready
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On agenda:
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9/16/2024
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Final action:
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Title:
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An Ordinance of the City of Laredo, Texas, authorizing the issuance, sale and delivery of up to $30,000,000.00 in aggregate principal, amount of "Combination Tax and Revenue Certificates of Obligation, Series 2024A" for paying all or a portion of the City's contractual obligations incurred for the purpose of: (1) acquiring, constructing, improving and equipping facilities to improve City telecommunications, wireless communications, information technology systems, applications, hardware, software, and cybersecurity; (2) renovating, improving, and equipping existing municipal buildings and facilities housing the governmental functions of the City, (3) acquiring equipment and vehicles for various City departments, including the public safety departments, (4) acquiring, constructing, improving and equipping public safety facilities, including a fire station, (5) Acquiring, constructing, improving and equipping parks and recreational facilities, (6) planning, constructing, improving and re...
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SUBJECT
title
An Ordinance of the City of Laredo, Texas, authorizing the issuance, sale and delivery of up to $30,000,000.00 in aggregate principal, amount of “Combination Tax and Revenue Certificates of Obligation, Series 2024A” for paying all or a portion of the City’s contractual obligations incurred for the purpose of: (1) acquiring, constructing, improving and equipping facilities to improve City telecommunications, wireless communications, information technology systems, applications, hardware, software, and cybersecurity; (2) renovating, improving, and equipping existing municipal buildings and facilities housing the governmental functions of the City, (3) acquiring equipment and vehicles for various City departments, including the public safety departments, (4) acquiring, constructing, improving and equipping public safety facilities, including a fire station, (5) Acquiring, constructing, improving and equipping parks and recreational facilities, (6) planning, constructing, improving and repairing streets, sidewalks, bridges and drainage improvements, together with right-of-ways acquisition, traffic and street signalization, landscaping, and lighting improvements, (7) purchasing real property, materials, supplies, equipment, information technology, machinery, landscaping, land, and rights of way for authorized needs and purposes related to the aforementioned capital improvements and (8) 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 including a paying agent/registrar agreement and a purchase contract; 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.
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PREVIOUS COUNCIL ACTION
Resolution 2024-R-227 directing publication of notice of intention to issue City of Laredo, Texas Combination Tax and Revenue Certificates of Obligation, in one or more series, in the maximum principal amount of $30,000,000.00 was approved by City Council on 07/22/2024.
BACKGROUND
The City of Laredo is proposing to sell various obligations including its Certificates of Obligation, Series 2024A in the maximum principal amount of $30,000,000.00 to fund various capital improvement projects.
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: 2024-2025
Budgeted Y/N?: N
Source of Funds: Certificate 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 on September 16, 2024.
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