SUBJECT
title
An Ordinance of the City of Laredo, Texas, authorizing the issuance, sale and delivery of "Public Property Finance Contractual Obligations, Series 2025" in the aggregate principal amount of $22,095,000.00 for the purchase of personal property; securing the payment thereof by authorizing the levy of an annual ad valorem tax; 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.body
PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The City of Laredo is proposing the issuance of several debt instruments to support municipal initiatives. These include Certificates of Obligation, Series 2025; Public Property Finance Contractual Obligations, Series 2025; and Tax Notes, Series 2025, which will fund various capital improvement projects. Additionally, the City plans to issue General Obligation Refunding Bonds, Series 2025, to refinance existing debt obligations to achieve savings.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Approve and adopt the First and Final Reading of this Ordinance.
end
Fiscal Impact
Fiscal Year: 2025-2026
Budgeted Y/N?: N
Source of Funds: PPFCO 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.