SUBJECT
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Discuss and take action on a resolution authorizing defeasance and redemption of a portion of the City’s outstanding Combination Tax and Revenue Certificates of Obligation, Series 2015 and other related matters.
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PREVIOUS COUNCIL ACTION
On 09/15/2025 city council authorized the issuance of several debt instruments to support municipal initiatives. In addition, city council approved the issuance of a general obligation refunding bond series 2025, to refinance existing debt obligations to achieve savings. Also, the Plan of Finance Presentation by Estrada-Hinojosa & Co. was approved by city council on 07/21/2025.
BACKGROUND
The Plan of Finance presentation approved by City Council on 07/21/2025, outlined the bonds that would be refunded, to include the 2015 CO.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this resolution.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: N
Source of Funds: Debt Service Fund
Account #: 302
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Funding for the creation of the escrow account will be from unspent proceeds from the 2015 Combination Tax and Revenue Bond.