DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-Wide
SUBJECT:
Issuance, Sale, and Delivery of 2017 Combination Tax and Revenue Certificates of Obligation
SUMMARY:
An Ordinance authorizing the issuance of the City of San Antonio, Texas Combination Tax and Revenue Certificates of Obligation, Series 2017, in an aggregate principal amount not to exceed $95,000,000, first approved by City Council on June 22, 2017 but readopted by this Ordinance to reflect publication details, and authorizing other matters incident and related thereto.
BACKGROUND INFORMATION:
This Ordinance was approved by the City Council on June 22, 2017. Notice of Intention to Issue Certificates of Obligation is required 30 days before the issuance is approved. This Notice was properly published, first on May 21, 2017 and again on May 28, 2017, but stated that the issuance would be approved by City Council on June 29, 2017. As such, this ordinance makes the action date consistent with published notice. Below reflects the information posted on the June 22, 2017 item as it pertains to the City of San Antonio, Texas Combination Tax and Revenue Certificates of Obligation, Series 2017.
The FY 2017 Adopted Capital Budget and FY 2017 Capital Budget Amendments include the proposed sale of Certificates of Obligation Series 2017 ("the 2017 Certificates") in an amount not to exceed $95,000,000.
State law requires the publication of the Notice of Intention to be issued 30 days before the issuance is approved. An Ordinance authorizing and approving publication of the Notice of Intention was approved by City Council on May 18 reflecting a maximum principal amount not to exceed $95,000,000. The total project amount to be funded is approximately $83,212,008. The differential is attributable to the potential issuance of the Certificates at a premium which will be dependent upon market conditions...
Click here for full text