Title
Consider and take action on a resolution waiving the bond issue minimum on a one-time basis and consenting to the sale and issuance of Unlimited Tax Bonds, Series 2017 and Unlimited Tax Park Bonds, Series 2017A for the Galveston County Municipal Utility District #46 in amounts not to exceed $2,545,000 and $1,485,000, respectively, and authorizing the Mayor to execute and the City Secretary to attest same for and on behalf of the City of League City (Interim Director of Finance)
Background:
Approval of this item will authorize the sale of bonds to reimburse the developer for costs related to water, sewer, & drainage facilities and parks & recreational facilities in the Mar Bella development. The Board of the Galveston County MUD #46 (Mar Bella) authorized the District's consultants to proceed with the preparation of the various documents related to the issuance of a proposed bond sale. The board is requesting approval of the sale of Unlimited Tax Bonds, Series 2017 in an amount not to exceed $2,545,000. This bond constitutes the tenth series of unlimited tax bonds to be sold by the District. The board is also requesting approval of the sale of Unlimited Tax Park Bonds, Series 2017A in an amount not to exceed $1,485,000. This bond constitutes the second series of bonds for park and recreational facilities to be sold by the District.
The purpose of the bond issue is to reimburse the developer for improvements in the Mar Bella development. These improvements include water distribution, wastewater collections, and drainage for Mar Bella Sections 15A , 15B, 16B, and 16C. In addition to water, wastewater and drainage, the improvements include a portion of the costs for Mar Bella sitework, planting and Irrigation Phase 1. Also included are the cost of capital recovery fees, engineering, geotechnical, landscape design fees, surveying, and storm water pollution prevention planning.
This reimbursement is pursuant to an agreement between the District and t...
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