Title
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Road Bonds, Series 2025 for the Galveston County Municipal Utility District No. 73 in an amount not to exceed $5,000,000 and authorizing the Mayor to execute and the City Secretary to attest same for and on behalf of the City of League City, Texas (Director of Finance)
Background:
Proceeds of the sale of the Bonds will be used by the District for the following projects: 1) Samara Section 4 - Paving, 2) Samara Section 5 - Paving, 3) Samara Ervin Street Phase II - Paving, 4) Land Acquisition Costs for Right of Way for Samara Section 5, Samara Ervin Street Phase II, Samara Section 6, Samara Section 7, land interest and land taxes, 5) twelve (12) months of capitalized interest, 6) developer interest, and 7) to pay the costs of issuance of the Bonds. The District met on September 9, 2025 to authorize its consultants to proceed with the issuance of its Series 2025 Unlimited Tax Road Bonds.
The District's 2025 total adopted tax rate is $1.100 per $100 of assessed valuation. The tax rate is composed of $0.250 for The System Debt Service, $0.550 for Road Debt Service, and $0.300 for maintenance and operations. The District's certified taxable appraised value as of January 1, 2025 was $132,489,797 and the District’s estimate of taxable appraised value as of July 1, 2025 was $160,826,178. The values were provided by the Galveston Central Appraisal District.
The District will have $9,420,000 in outstanding debt water, sewer, and drainage debt and $12,485,000 in road debt after the issuance of the Bonds for a total of $21,905,000 in debt outstanding, which represents 13.62% of the District’s appraised estimate of value as of July 1, 2025. Overlapping debt is estimated at $2,105,908; overlapping and direct debt combined is $24,010,908 which represents 14.93% of the District’s taxable appraised estimate of value as of July 1, 2025. After this issuance, the District will have...
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