SUBJECT
title
Final Reading of Ordinance of the City of Laredo, Texas, amending the City of Laredo’s FY 2024-2025 annual budget by appropriating revenues and expenditures in the estimated amount of $274,064.00 in the 2015 Certificate of Obligation Bond. The interest earnings being appropriated are for the purchase of property located in the city’s downtown area and for allowable expenses under the 2015-O-117 ordinance. Funding is available in the 2015 Certificate of Obligation Bond.
body
PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The appropriated interest earnings will be used to purchase property in the city's downtown area, specifically at 1218 Matamoros Street, for approximately $105,000. The remaining funds will be allocated to the 2015 CO Fund reserve appropriation account, designated for eligible expenses under Ordinance 2015-O-117, which authorized the issuance, sale, and delivery of the 2015 Certificate of Obligation.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
That this final reading of ordinance is approved.
end
Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: N
Source of Funds: 2015 Certificate of Obligation
Account #: 469
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Project #LA2502