SUBJECT
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An ordinance approving and authorizing the execution of a State Infrastructure Bank loan agreement; approving the levy of a tax for payment thereof; and approving certain matters related thereto.
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PREVIOUS COUNCIL ACTION
On August 5, 2024, City council approved a resolution authorizing 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 "Proposed Certificates") for (1) planning, constructing, improving and repairing streets, sidewalks, bridges and drainage improvements, together with rights-of-way 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 (ii) Resolution 2024-R-228, directing publication of notice of intention to issue the Certificates, in one or more series, in the maximum principal amount of $13,000,000.
BACKGROUND
The State Infrastructure Bank, operated by the Texas Department of Transportation, is a revolving loan fund. The City of Laredo ("the City") deems it proper and in the best interest of the City to apply for a loan from the State Infrastructure Bank in the amount of $8,500,000.0...
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