Title
Consider and take action on a resolution restating Resolution 2019-152 to clarify that the type of bonds to be issued by Galveston County Municipal Utility District No. 14 will be $2,360,000 Combination Unlimited Tax and Revenue Bonds, Series 2019 (Director of Finance)
Background:
Approval of this item will restate Resolution 2019-152 to clarify that the bond issue will be based on Combination Unlimited Tax and Revenue Bonds and not Refunding Bonds as previously stated in Resolution 2019-152.
The Board of Directors of the Galveston County Municipal District No. 14 ("District") authorized the District's consultants to proceed with the preparation of the documents related to the issuance of a proposed Bond sale. The District is requesting approval of the sale of Combination Unlimited Tax and Revenue Bonds, Series 2019 in the amount of $2,360,000.
The purpose of the bond issue is to reimburse the developer for improvements in the District. This reimbursement is pursuant to an agreement between the District and the developer. The bonds are structured with the same maturity schedule as their current debt service needs, so there will be no extension of the term of the debt. The District levied a 2018 tax rate of $0.68 per $100 of taxable assessed valuation ($0.63 for debt service and $0.05 maintenance) and authorized publishing its intent to levy a 2019 tax rate in the amount of $0.590 per $100 of taxable assessed valuation ($0.545 for debt service and $0.045 for maintenance). The District’s 2019 Taxable Assessed Valuation as of January 1, 2019 and Estimated Taxable Assessed Valuation as of August 1, 2019, as provided by the Galveston Central Appraisal District, is $319,986,238 ($310,910,657 of certified value and $9,075,581 of uncertified value) and $329,864,034, respectively. The District’s outstanding debt assuming issuance of the Bonds will be $11,750,000. The ratios of outstanding debt to 2019 Taxable Assessed Valuation as of January 1, 2019 an...
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