Posting Language
Title
Approve a resolution directing the publication of an Official Notice of Intention to Issue $21,260,000 City of Austin, Texas, Certificates of Obligation, Series 2019.
De
Lead Department
Financial Services
Fiscal Note
The fee to advertise the sale will be included in the upcoming bond sale's cost of issuance and is estimated to cost $1,750. Debt service resulting from the actual bond sale will be included in the 2019-20 Proposed Operating Budget of the General Obligation Debt Service Fund and is currently estimated at $1,708,000.
Prior Council Action:
Reimbursement Resolutions approved by City Council on 9/25/2014 and 5/24/2018
For More Information:
Belinda Weaver, Interim Treasurer, 512-974-7885
Additional Backup Information:
State law requires publication of an Official Notice of Intention to Issue Certificates of Obligation once a week for two consecutive weeks. The date of the first publication must be 31 or more days before the date on which Council adopts an ordinance authorizing the issuance of the Certificates of Obligation. This proposed request for Council action will allow publication of the notice of intention in the Austin American Statesman, which is estimated to cost $1,750 for the two-week required notification.
The actual authorization and sale of the Certificates of Obligation would be completed pursuant to a separate Council action that is tentatively scheduled to take place as part of the City's general obligation bond sale, occurring each year in August. The City may generally remove items from the proposed sale notification after publication of the Notice of Intention, but any additional sale items would require an updated notice. Proceeds from the sale will be used to fund existing project appropriations that were previously approved by City Council with reimbursement resolutions, in accordance with financial policies. Currently-proposed issuances and descriptions are found below, for inclusion in the adve...
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