City of San Antonio - File #: 13-1096

• File #: 13-1096
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 12/5/2013
• Posting Language: An Ordinance by the City Council of the City of San Antonio, Texas authorizing the issuance of up to $20,900,000 “City of San Antonio, Texas Revenue Notes, Taxable Series 2013A” and the pledge of lawfully available revenues, subject to annual appropriation, as security therefor; prescribing the form, terms, conditions and resolving other matters incident and related to the issuance, sale, and delivery of the Notes; authorizing the execution of a Paying Agent Agreement, a Financing Agreement, and a Purchase and Investment Letter; complying with the provisions of the Depository Trust Company’s letter of representations; delegating the authority to certain City officials and members of the City staff to execute certain documents relating to the sale of the Notes; enacting other provisions incident and related to the subject and purpose of this Ordinance; and providing for an effective date. [Ben Gorzell, Chief Financial Officer; Troy Elliot, Director, Finanace]

Date	Ver.	Action By	Action	Result
12/5/2013	1	City Council A Session

DEPARTMENT: Finance


DEPARTMENT HEAD: Troy Elliott


COUNCIL DISTRICTS IMPACTED: All


SUBJECT:

Authorizing the issuance of approximately $20,900,000 Revenue Notes, Taxable Series 2013A


SUMMARY:

This Ordinance authorizes the issuance of approximately $20,900,000 "City of San Antonio, Texas Revenue Notes, Taxable Series 2013A" (the "Notes") and the pledge of lawfully available City revenues, subject to annual appropriation, as security for the payment of the Notes; prescribes the form, terms, conditions, and resolves other matters incident and related to the issuance, sale, and delivery of the Notes; authorizes the execution of a Paying Agent/Registrar Agreement and a Purchase and Investment Letter; complies with the provisions of the Depository Trust Company's Letter of Representations; and provides for an effective date.


BACKGROUND INFORMATION:

The proposed sale of approximately $20,900,000 "City of San Antonio, Texas Revenue Notes, Taxable Series 2013A" (the "Notes") are being issued for the purposes of funding the acquisition, improvement, and equipping of certain facilities for the Pre-K 4 SA program. The Notes are planned to be privately placed with a financial institution and are subject to annual appropriation from any and all lawful and available funds of the City, which are to be paid from the collection of the 1/8th-of-one-cent sales tax, which was approved in November 2012 for the Pre-K 4 SA program. It is anticipated that bids on the Notes will be received on December 3, 2013 and closing and delivery is planned for December 17, 2013. An update will be provided on the sale of the Notes on Thursday, December 5, 2013.


ISSUE:

The aforementioned issuance will fund capital projects that have been approved in the FY 2014 Adopted Capital Budget and are consistent with the Debt Management Plan.


ALTERNATIVES:

The cost of the improvements to be financed could be cash funded directly out of the Pre-K 4 SA progr...