Title
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Bonds, Series 2026 (the “Bonds”) for Galveston County Municipal Utility District No. 36 (the “District”) in an amount not to exceed $1,910,000 and authorizing the Mayor to execute and the City Secretary to attest same for and on behalf of the City of League City (Finance Director)
Background
Approval of this item will authorize the sale of Bonds to finance a portion of the water, wastewater, and drainage facilities to serve Westland Ranch, Sections 1, 3, and 6; Maple Leaf Drive; and Muldoon Parkway. Proceeds will also be used to pay for the engineering and the cost of issuance of the Bonds. The District previously obtained permission from the City to sell its Unlimited Tax Bonds, Series 2025 (the “Series 2025 Bonds”) in an amount not to exceed $10,435,000. The District chose to only issue a portion of the amount authorized by the City in the District’s Series 2025 Bonds which totaled $8,525,000. The District now desires to sell and issue the remaining $1,910,000 via the Bonds and is seeking the City’s confirmation of its authorization. The District met on March 2, 2026, to authorize its consultants to proceed with preparations for the issuance of its Unlimited Tax Bonds, Series 2026. The Bonds are the fourth installment of new money bonds issued by the District. Currently the District anticipates selling and closing on the bonds in the second quarter 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, including $0.70 to pay the District’s debt service and $0.45 to fund the District’s maintenance and operations expenditures. The District's estimate of taxable assessed value as of January 1, 2026, from the Galveston Central Appraisal District is $198,997,375.
The District will have $22,420,000 in outstanding direct debt ...
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