DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: All
SUBJECT:
Authorizing the issuance of up to $1,400,000 Tax Notes, Series 2014 and up to $20,500,000 Tax Notes, Series 2014A
SUMMARY:
A. This Ordinance authorizes the issuance of up to $1,400,000 "City of San Antonio, Texas Tax Notes, Series 2014" (the "2014 Notes") and levies an annual ad valorem tax, within the limitations prescribed by law, for the payment of the 2014 Notes; prescribes the form, terms, conditions, and resolves other matters incident and related to the issuance, sale, and delivery of the 2014 Notes; authorizes the execution of a Paying Agent/Registrar Agreement and a Purchase and Investment Letter; and to execute certain documents relating to the sale thereof; and provides for an effective date.
B. This Ordinance authorizes the issuance of up to $20,500,000 "City of San Antonio, Texas Tax Notes, Series 2014A" (the "2014A Notes") and levies an annual ad valorem tax, within the limitations prescribed by law, for the payment of the 2014A Notes; prescribes the form, terms, conditions, and resolves other matters incident and related to the issuance, sale, and delivery of the 2014A Notes; authorizes the execution of a Paying Agent/Registrar Agreement and a Purchase and Investment Letter; and to execute certain documents relating to the sale thereof; and provides for an effective date.
BACKGROUND INFORMATION:
The City is planning to issue up to "$1,400,000 City of San Antonio, Texas Tax Notes, Series 2014" and up to "$20,500,000 City of San Antonio, Texas Tax Notes, Series 2014A". The 2014 Notes and 2014A Notes are planned to be privately placed with a financial institution(s).
The 2014 Notes are being issued to fund the reconstruction of street improvements in the Mission del Lago Subdivision approved in the Mission del Lago Tax Increment Reinvestment Zone settlement agreement, approved by City Council on May 1, 2014, and pay ce...
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