City of San Antonio - File #: 20-2824

• File #: 20-2824
• Type: Misc - Financial Services
• In control: City Council A Session
• On agenda: 4/30/2020
• Posting Language: Ordinance approving publication of Notice of Intention to issue City of San Antonio, Texas Combination Tax and Revenue Certificates of Obligation in one or more series in a maximum aggregate principal amount not to exceed $105,000,000; and providing for an effective date. [Ben Gorzell, Chief Financial Officer, Troy Elliott, Deputy Chief Financial Officer]

Date	Ver.	Action By	Action	Result
4/30/2020	1	City Council A Session	adopted	Pass

DEPARTMENT: Finance


DEPARTMENT HEAD: Troy Elliott


COUNCIL DISTRICTS IMPACTED: City-wide


SUBJECT:

Approving Publication of Notice of Intention to Issue Certificates of Obligation


SUMMARY:

This Ordinance authorizes and approves publication of Notice of Intention to issue City of San Antonio, Texas Combination Tax and Revenue Certificates of Obligation in one or more series in a maximum aggregate principal amount not to exceed $105,000,000; and provides for an effective date.


BACKGROUND INFORMATION:

The Notice of Intention to issue Combination Tax and Revenue Certificates of Obligation in one or more series (the "Certificates") includes projects in the FY 2020 Adopted Capital Budget, adjustments made after budget approval, as well as additional capacity and flexibility to address other capital projects or debt management, as needed. This is a request to approve publication of Notice of Intention to Issue Certificates of Obligation and does not obligate the City to proceed with any such issuance or to undertake the capital projects listed in Exhibit I (which action items will be presented to the City Council at future dates).

Texas law requires that the Notice of Intention to issue Certificates be published twice in a local newspaper of general circulation in the City, with the first date of publication being at least 46 days prior to the City's adoption of the ordinance authorizing the issuance of the Certificates and posted on the City's website continuously for at least 45 days prior to the City's adoption of the Ordinance authorizing the issuance of the Certificates. The total maximum aggregate principal amount of Certificates to be issued is an amount not to exceed $105,000,000. This amount includes funding for currently identified projects as well as capacity for other projects that maybe identified prior to issuance or to provide flexibility in the management of the City's debt program. It also includes the potential for the issuance of t...