SUBJECT
title
An Ordinance of the City of Laredo, Texas, authorizing the issuance, sale, and delivery of approximately $16,720,000.00 in aggregate principal amount of "Sports Venue Sales Tax Revenue Bonds, Taxable Series 2026" to finance improvements to previously approved sports venue projects (sports complex) and related infrastructure and ordaining other matters relating to the subject including authorizing a bond purchase agreement and an official statement, and providing for the security of the bonds and the pledging of a sales tax and authorizing amendment to city's budget to appropriate such proceeds for purposes authorized herein; and declaring an effective date.Sbody
PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The City of Laredo is proposing to issue several debt instruments to support municipal initiatives. These include Certificates of Obligation, Series 2026; Public Property Finance Contractual Obligations, Series 2026; and Tax Notes, Series 2026, which will fund various capital improvement projects. Additionally, the City plans to issue a Combination Tax and Airport Revenue Certificate of Obligation Series, 2026B for the Laredo International Airport improvements, and a Sports Venue Sales Tax Revenue, Taxable Series 2026 to finance improvements to previously approved sports venue projects and related infrastructure.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Approve and adopt the First and Final Reading of this Ordinance.
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Fiscal Impact
Fiscal Year: 2026-2027
Budgeted Y/N?: Sports and Venue Revenue Bond
Account #: Various
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Budget for fiscal year 2026-2027 will be amended as necessary to appropriate proceeds and debt service payments. Principal and interest payments will be determined at the time of pricing on September 21, 2026.