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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