Title
Consider and take action on an ordinance authorizing the issuance of City of League City, Texas General Obligation Improvement Bonds, Series 2026; levying an ad valorem tax in payment thereof; setting certain parameters for the sale of the bonds; approving the preparation and distribution of an official statement; enacting other provisions relating thereto; and providing for the effective date thereof (Assistant City Manager - CFO)
Staff requests approval on first and final reading.
Background:
If approved, this item authorizes the negotiated sale of GO bonds for Prop A ($5.6 million) and Prop B ($2.5 million) projects within the parameters presented. City Council will have the option to accept a negotiated bid received on August 25, 2026 or direct the team to market and price the issuance within the parameters specified below.
This issuance is part of the GO debt authorized in the May 2019 election where League City voters approved bonds totaling $73 million for certain drainage projects (Proposition A) and $72 million dollars for certain traffic and mobility projects (Proposition B). This will be the fourth issuance of Proposition A and the fifth issuance of Proposition B Bonds. The $8.10 million will be funded by Property Tax Revenue and CIP Sales Tax Revenue. Below is the list of projects to be funded with this issuance.
2019 GO Bond Election Authorized Debt
Prop A - Drainage projects - 20-year debt totaling $5.6 million
Magnolia Creek & Cedar Gully Channel Improvements $4 million
Bayridge Flood Reduction Phase 4 $1.6 million
Prop B - Street/Traffic projects - 20-year debt of $2.5 million
Highway 3 & FM 518 Intersection Improvements $2.5 million
To obtain the lowest possible interest costs, the Bonds were advertised and offered for sale via a negotiated sale process on August 25, 2026 along with $165.9 million in CO debt. The best offer will be presented to City Council at the Council meeting on August 25, 2026. This item is written in ...
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