Title
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Bonds, Series 2025 (the “Bonds”) for the Westwood Management District (the “District”) in an amount not to exceed $14,585,000 and authorizing the Mayor to execute and the City Secretary to attest same for and on behalf of the City of League City (the “City”) (Director of Finance)
Background
Approval of this item will authorize the sale of Bonds to finance roads and road related infrastructure facilities to serve various sections of Westwood Management District. Proceeds will also be used to pay for the engineering, land acquisition, construction, and certain administrative costs, as well as the cost of issuance of the Bonds. The District met on February 12, 2025 to authorize its consultants to proceed with the issuance of its Unlimited Tax Road Bonds, Series 2025. The Bonds are the fourth installment of new money bonds issued by the District. The proposed bonds will receive an underlying rating of “Baa3” from Moody’s.
The Bonds are structured with a final maturity date that does exceed the end date of the district which is 2037; however, as per Chapter 3917 Special District Local Laws, Sec. 3917.251 (d) If the district has debt when it is dissolved, the district shall remain in existence solely for the purpose of discharging its debts. The dissolution is effective when all debts have been discharged. As mutually agreed to by the City and District, the final maturity of all bonds is 2049.
The District's 2024 total adopted tax rate is $0.96 per $100 of assessed valuation for maintenance and operations. The 2024 tax rate comprises $0.59 per $100 valuation for maintenance and operations, $0.24 for WSD Bonds, and $0.13 per $100 valuation for Road Bonds. The District's tax year 2024 certified taxable assessed value from the Galveston Central Appraisal District is $438,678,630. The District’s January 1, 2025 Certified Estimate of Value per GCAD is $536,212,593.
The ...
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