File #: 2025-O-22    Version: 1
Type: Final Readings Status: Agenda Ready
File created: 2/11/2025 In control: City Council
On agenda: 2/18/2025 Final action:
Title: Final Reading of Ordinance of the City of Laredo, Texas, amending the City of Laredo's FY 2025 annual budget by appropriating revenues and expenditures in the estimated amount of $950,000.00 in the Waterworks and Sewer System Funds- 2019 Waterworks and Sewer Revenue Bonds. The interest earnings being appropriated are for the arbitrage liability payment due to the US Treasury.
Attachments: 1. FINAL READING OF ORDINANCE
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SUBJECT

title

Final Reading of Ordinance of the City of Laredo, Texas, amending the City of Laredo’s FY 2025 annual budget by appropriating revenues and expenditures in the estimated amount of $950,000.00 in the Waterworks and Sewer System Funds- 2019 Waterworks and Sewer Revenue Bonds. The interest earnings being appropriated are for the arbitrage liability payment due to the US Treasury. 

 

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PREVIOUS COUNCIL ACTION

N/A

 

BACKGROUND

Interest earnings is being appropriated in order to refund the US Treasury for the arbitrage rebate liability on bonds that earned more than what the fixed rate arbitrage bond yield is through the FYE 9/30/2024 computation date. After 5-year installment rebate calculations were done this bond had a positive liability as of FYE 9/30/2024.  Therefore, since the liability is positive at their 5-year report it must be paid to the US Treasury no later than Monday February 17, 2025. 

 

COMMITTEE RECOMMENDATION

N/A

 

STAFF RECOMMENDATION

recommendation

Approve this final reading of ordinance.

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Fiscal Impact

 

Fiscal Year:                                                                                                          2025

Budgeted Y/N?:                                                                                    N

Source of Funds:                                                                                     2019 Waterworks and Sewer Revenue Bond

Account #:                                                                                                          557 and 559

Change Order: Exceeds 25% Y/N:                      N/A

 

FINANCIAL IMPACT: