...Title
Consider and take action on a resolution consenting to the sale and issuance of Unlimited Tax Bonds, Series 2025 (the “Bonds”) for Galveston County Municipal Utility District No. 36 (the “District”) in an amount not to exceed $10,435,000 and authorizing the Mayor to execute and the City Secretary to attest same for and on behalf of the City of League City (the “City”) (Director of Finance)
...Background
Approval of this item will authorize the sale of Bonds to finance water, wastewater, and drainage facilities to serve Westland Ranch, Sections 1, 3, and 6; Maple Leaf Drive; and Muldoon Parkway. Proceeds will also be used to pay for the engineering and the cost of issuance of the Bonds. The District met on July 7, 2025, to authorize its consultants to proceed with preparations for the issuance of its Unlimited Tax Bonds, Series 2025. The Bonds are the third installment of new money bonds issued by the District. Currently the District anticipates selling the bonds on September 3, 2025, and closing on the bonds on September 29, 2025.
The Bonds are structured with a final maturity that does not exceed thirty years from the date of issuance. The District's 2024 adopted tax rate was $1.15 per $100 of assessed valuation, including $0.60 to pay the District’s debt service and $0.55 to fund the District’s maintenance and operations expenditures. The District has not yet set its 2025 tax rate. The District's estimate of taxable assessed value as of July 1, 2025, from the Galveston Central Appraisal District is $164,197,756.
The District will have $22,420,000 in outstanding direct debt after the issuance of the Bonds, which is 13.65% of the District’s estimate of taxable assessed value as of July 1, 2025. Overlapping debt is estimated at $24,480,797; combined, overlapping and direct debt represents 14.91% of the District’s estimate of taxable assessed value as of July 1, 2025.
After this issuance, the District will have a remaining $74,395,000 principal amount...
Click here for full text