File #: 20-0465    Version: 1 Name: General Obligation Refunding Bonds 2020
Type: Agenda Item Status: Approved
File created: 9/30/2020 In control: Finance
On agenda: 10/13/2020 Final action: 10/13/2020
Title: Consider and take action on an ordinance authorizing the issuance of City of League City, Texas General Obligation Refunding Bonds, Series 2020; levying a tax in payment thereof; authorizing the issuance of the bonds in accordance with specified parameters; authorizing the redemption prior to maturity of certain outstanding obligations; approving the preparation and distribution of an official statement; and enacting other provisions relating thereto; and providing for the effective date thereof (Director of Finance) Staff requests first and final reading.
Attachments: 1. Data Sheet, 2. Proposed Ordinance, 3. Cost of Issuance Analysis, 4. Draft Preliminary Official Statement
Title
Consider and take action on an ordinance authorizing the issuance of City of League City, Texas General Obligation Refunding Bonds, Series 2020; levying a tax in payment thereof; authorizing the issuance of the bonds in accordance with specified parameters; authorizing the redemption prior to maturity of certain outstanding obligations; approving the preparation and distribution of an official statement; and enacting other provisions relating thereto; and providing for the effective date thereof (Director of Finance)

Staff requests first and final reading.

Background:
If approved, this ordinance authorizes the issuance of General Obligation Refunding Bonds. Principal will not be extended beyond its original maturity date. The final maturity will be in February of 2033, for a term of 12.5 years. The purpose of the refunding is to reduce annual payments for savings. There are three issues that will be refunded representing $42,155,000 of par. Gross savings are expected to exceed $5,640,000. Annual savings will be realized in each year based on the debt outstanding from the original debt schedule on a uniform basis. See schedule of debt to be refunded below.

This Issue Final
Original Bond Issue Original Use of Proceeds Refunded Par Maturity
GO Refunding Bonds, Series 2012 Recreational Facilities/BLD $ 3,940,000 2033
Utility System $ 3,255,000 2025
Comb Tax & Revenue CO, Series 2012A Public Safety Building, Streets, ROW $ 22,465,000 2032
Comb Tax & Revenue CO, Series 2012B Utility System $ 12,495,000 2032
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