city of San Antonio


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File #: 21-2911   
Type: Misc - Financial Services
In control: City Council A Session
On agenda: 4/29/2021
Posting Language: Ordinance authorizing and approving publication and posting 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 $85,000,000 and providing for an effective date. [Ben Gorzell, Chief Financial Officer, Troy Elliott, Deputy Chief Financial Officer]
Attachments: 1. Draft Ordinance, 2. Exhibit - I, 3. Ordinance 2021-04-29-0285
DEPARTMENT: Finance


DEPARTMENT HEAD: Troy Elliott


COUNCIL DISTRICTS IMPACTED: City-wide


SUBJECT:

Approving Publication and Posting of Notice of Intention to Issue Certificates of Obligation


SUMMARY:

This Ordinance authorizes and approves publication and posting 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 $85,000,000 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 2021 Adopted Capital Budget, adjustments made after budget approval, and additional capacity and flexibility to address capital projects as needed. This is a request to approve publication and website posting 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 project amount to be funded is approximately $74,240,000, while the Notice of Intention reflects a maximum aggregate principal amount of Certificates not to exceed $85,000,000. The differential is attributable to market conditions and the issuance of the Certificates at a premium to fund costs of issuance. The final issuance amount will be determined at the t...

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