Title
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Bonds, Series 2025 in an amount not to exceed $3,570,000 (the “Series 2025 Bonds”) and Unlimited Tax Park Bonds, Series 2025A in an amount not to exceed $2,800,000 (the “Series 2025A Park Bonds”) (collectively referred to herein as the “Bonds) for the Bay Colony West Municipal Utility District (the “District”) and authorizing the City Manager to execute and the City Secretary to attest same for and on behalf of the City of League City (Director of Finance)
Background
Approval of this item will authorize the sale of Series 2025 Bonds to finance water, sewer and drainage improvements in the Sedona development and will authorize the Series 2025A Park Bonds to finance park and recreational facilities within the District. The Board of Directors of the District met on April 23, 2025 and authorized the District's consultants to proceed with the preparation of the documents related to the issuance of the proposed Bonds sale. The Board is requesting approval of the sale of the Series 2025 Bonds in the amount of $3,570,000 and the Series 2025A Park Bonds in the amount of $2,800,000, respectively. The Series 2025 Bonds constitute the eleventh installment of bonds issued by the District and the Series 2025A Park Bonds constitute the twelfth installment of bonds issued by the District, respectively.
The purpose of the Series 2025 Bond issue is to reimburse the developer for the construction of underground utilities pursuant to an agreement between the District and the developer. The purpose of the Series 2025A Park Bonds is to finance parks and recreational facilities within the District. 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's adopted 2024 tax rate is $0.89 per $100 assessed valuation. The $0.89 tax rate is composed of $0.585 for debt service and $0...
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