SUBJECT
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A resolution of the City Council of The City of Laredo, Texas, authorizing the amendments, revisions, and completion, and filing of an application for financial assistance from the State Infrastructure Bank in the amount of eight million five hundred thousand dollars and zero cents ($8,500,000.00); Authorizing City Manager to act on behalf of the City of Laredo in all matters relating to the participation, including the negotiation and execution of any resultant State Infrastructure Bank Loan Agreement; Authorizing City Manager to revise and amend such application, to request that the type of issuance be a "Direct Loan" under Section 222.0745 of the Texas Transportation Code, as amended.
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PREVIOUS COUNCIL ACTION
On August 5, 2024, City Council approved a resolution authorizing the filing of an application for financial assistance from the State Infrastructure Bank in the amount of eight million five hundred thousand dollars and zero cents ($8,500,000.00) for West Laredo Multimodal Trade Corridor -Phase II (Flecha/Las Cruces Realignment Project) and West Laredo Multimodal Trade Corridor -Phase III (Calton Grade Separation Project).
On July 22, 2024, the City Council approved: (i) a Plan of Finance as presented by the
City's Financial Advisor, which included (among other things) the issuance of a series of Certificates of Obligations (the for (1) planning, constructing, improving and repairing
streets, sidewalks, bridges and drainage improvements, together with acquisition, traffic
and street signalization, landscaping, and lighting improvements, (2) purchasing real property, materials, supplies, equipment, information technology, machinery, landscaping, land, and rights of way for authorized needs and purposes related to the aforementioned capital improvements and (3) paying legal, fiscal and engineering fees in connection with such projects, and (ii) Design and Engineering to be sold to TxDOT thru their State Infrastructure Bank program, and...
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