SUBJECT
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An ordinance of the city of Laredo, Texas, amending ordinance no. 2025-O-065 to revise the description of the authorized use of funds related to the State Infrastructure Bank (SIB) loan, providing for severability, and providing an effective date.
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VIVA LAREDO PLAN ALIGNMENT
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PREVIOUS COUNCIL ACTION
On May 5, 2025, City Council approved Ordinance 2025-O-71, authorizing the City Manager to amend the City of Laredo FY2025 Capital Improvement Fund to accept and appropriate revenues in the amount of $8,500,000.00 for the State Infrastructure Bank Loan Agreement for the West Laredo Multimodal Trade Corridor - Phase II and Phase III. Funding will be allocated in the Capital Improvement Fund. Providing that this ordinance shall be cumulative; providing a severability clause; providing for publication; and declaring an effective date.
On April 22, 2025, City Council approved Ordinance 2025-O-065, approving and authorizing the execution of a State Infrastructure Bank loan agreement; approving the levy of a tax for payment thereof; and approving certain matters related thereto.
On April 7, 2025, City Council approved Resolution 2025-R-95, authorizing the amendments, revisions, and completion, and filing of an application for financial assistance from the State Infrastructure Bank in the amount of eight million five hundred thousand dollars and zero cents ($8,500,000.00); Authorizing City Manager to act on behalf of the City of Laredo in all matters relating to the participation, including the negotiation and execution of any resultant State Infrastructure Bank Loan Agreement; Authorizing City Manager to revise and amend such application, to request that the typeof issuance be a “Direct Loan” under Section 222.0745 of the Texas Transportation Code, as amended.
BACKGROUND
The City of Laredo is authorized to seek and obtain a State Infrastructure Bank loan in the amount of Eight Million Five Hundred Thousand Dollars ($8,500,000.00) to finance the City’s non-federal and non-state participation costs, including any necessary overruns, for the West Laredo Multimodal Trade Corridor - Phase II and Phase III projects collectively, and to pledge ad valorem tax revenues or other legally available funds for repayment of said loan.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
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Approval of this motion.
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Fiscal Impact
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FINANCIAL IMPACT:
There is no financial impact at this time.