SUBJECT
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An Ordinance of the City of Laredo, Texas, authorizing the issuance, sale and delivery of $30,845,000.00 in aggregate principal amount of “Combination Tax and Revenue Certificates of Obligation, Series 2025” 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, including administrative office facilities and library facilities; (3) acquiring, constructing, improving and equipping parks and recreational facilities; (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 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 2025-R-182 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 $40,000,000.00 was approved by City Council on 07/21/2025.
BACKGROUND
The City of Laredo is proposing to sell various obligations including its Certificates of Obligation, Series 2025 in the principal amount of $30,845,000.00 to fund various capital improvement projects. The other obligations to be considered for the financing of capital improvements include: Public Property Finance Contractual Obligations, Series 2025 and Tax Notes, Series 2025. Additionally, the City plans to issue General Obligation Refunding Bonds, Series 2025, to refinance existing debt obligations to achieve debt service savings.
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: 2025-2026
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 2025-2026 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 15, 2025.