...Title
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Road Bonds, Series 2026 for Galveston County Municipal Utility District No. 35 in an amount not to exceed $3,865,000 and authorizing the Mayor to execute and the City Secretary to attest same for and on behalf of the City of League City (Director of Finance)
...Background
Approval of this item will authorize the sale of Bonds to finance portions of the roadway facilities to serve: (i) Magnolia Bayou Drive; and (ii) Lakes at Westland Ranch Section 6. Proceeds will also be used to pay for land costs, engineering, and cost of issuance of the Bonds. The District met on August 3, 2026, to authorize its consultants to proceed with preparations for the issuance of its Unlimited Tax Bonds, Series 2026. The Bonds are the first installment of new money bonds issued by the District. Currently the District anticipates closing on the bonds in October of 2026.
The Bonds are structured with a final maturity that does not exceed thirty years from the date of issuance. The District's 2025 adopted tax rate was $1.15 per $100 of assessed valuation, attributable wholly to maintenance and operations. The District's estimate of taxable assessed value as of May 1, 2026, from the Galveston Central Appraisal District is $39,185,355.
The District will have $3,865,000 in outstanding direct debt after the issuance of the Bonds, which is 9.86% of the District’s estimate of taxable assessed value as of May 1, 2026. Overlapping debt is estimated at $988,656 for a total of $4,853,656; combined, overlapping and direct debt represents 12.39% of the District’s estimate of taxable assessed value as of May 1, 2026.
After this issuance, the District will have a remaining $155,000,000 principal amount of unlimited tax bond authorization for the purpose of acquiring or constructing a water, sewer, and drainage system and $155,000,000 principal amount of unlimited tax bond authorization for the f...
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