Title:
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Bonds, Series 2026 of Galveston County Municipal Utility District No. 82 in an amount not to exceed $5,725,000 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:
Approval of this item will authorize the sale of the Bonds by the District.
Proceeds of the sale of the Bonds will be used by the District to finance the following: 1) water and wastewater impact fees paid to the City, 2) land costs, 3) eighteen (18) months of capitalized interest, 4) developer interest, 5) developer advances, and 6) costs of issuance of the Bonds. The District met on August 13, 2026, to authorize its consultants to proceed with the issuance of the Bonds.
The District's 2025 total adopted tax rate is $1.150 per $100 of assessed valuation. The 2025 total tax rate is composed entirely of a tax for maintenance and operations. The District's certified taxable appraised value as of January 1, 2026, is $57,494,376, and the District’s estimate of taxable appraised value as of July 1, 2026, is $121,477,366. Both values were provided by the Galveston Central Appraisal District.
The Bonds represent the District’s first issuance of unlimited tax bonds. After issuance of the Bonds, the District will have a total of $5,725,000 in outstanding debt, which represents 4.71% of the District’s estimate of taxable appraised value as of July 1, 2026. Overlapping debt is estimated at $3,145,326. Estimated overlapping debt and direct debt combined total $8,870,326, which represents 7.30% of the District’s estimate of taxable appraised value as of July 1, 2026. After issuance of the Bonds, the District will have $256,775,000 in unissued water, sewer, and drainage authorization.
Under the terms of the Utility Agreement between the District and the City, bonds may be sold by the District only with ...
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