Posting Language
Title
Approve a resolution directing the publication of an Official Notice of Intention to Issue $717,510,000 City of Austin, Texas, Certificates of Obligation, Series 2025 in one or more series related to fire and emergency medical service stations, administrative buildings, family violence shelters, bridges and dams, public safety facilities and operations, park improvements, the Waterloo confluence, street and road improvements, and Waller Creek District improvements. Funding: The fee to advertise the sale will be included in the upcoming bond sale’s cost of issuance and is estimated to cost $3,000. Debt service resulting from the actual sale of the Certificates of Obligation will be included in the Fiscal Year 2025-26 Proposed Operating Budget of the General Obligation Debt Service Fund and is currently estimated at $57,575,500.
Body
Lead Department
Financial Services Department
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 $3,000. Debt service resulting from the actual sale of the Certificates of Obligation will be included in the Fiscal Year 2025-26 Proposed Operating Budget of the General Obligation Debt Service Fund and is currently estimated at $57,575,500.
Prior Council Action:
Reimbursement Resolutions approved by City Council:
Resolution 20130909-009
Resolution 20150908-007
Resolution 20170913-006
Resolution 20180809-025
Resolution 20180911-007
Resolution 20190910-006
Resolution 20200827-005
Resolution 20210902-067 and Resolution 20210902-068
Resolution 20220915-002
Resolution 20230223-007
Resolution 20230504-003
Resolution 20230914-017
Resolution 20231109-005
Resolution 20240321-063
Resolution 20240530-022
Resolution 20240926-111
Resolution 20241024-014
Resolution 20241121-017
Resolution 20241212-015
For More Information:
Belinda Weaver, City 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 45 or more days before the date on which the City 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 $3,000 for the two-week required notification.
The actual authorization and sale of the Certificates of Obligation pursuant to a separate Council action is tentatively scheduled to take place as part of the City’s general obligation bond sale, occurring in August or September. 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 the City’s financial policies. Currently proposed issuances and descriptions are found below, for inclusion in the advertisement.
New Fire/EMS Stations - $22,700,000
This supports a comprehensive plan to build five new fire/EMS stations in the areas of immediate need identified by the Austin Fire Association (Local 975) and the Austin Fire Department. This is the fifth sale related to this plan. These five stations were chosen as locations that would benefit the Fire and EMS response times, and which could also support potential gaps in existing stations response times. The stations include Del Valle/Moore’s Crossing, Travis Country, Loop 360/Davenport Ranch, Goodnight Ranch, and Canyon Creek/620 Station. This funding source was approved as part of the Fiscal Year 2022 through 2024 Capital Budgets. Future issuances are anticipated.
Fire/EMS Station Improvements - $8,700,000
This supports a plan to address three Fire/EMS stations in need of critical and urgent repair and renovation. This is the third sale related to this plan. These three stations include Fire Station 1/EMS station 6, Fire Station 3, and Fire Station 22/EMS12. The improvements include a rebuild of Station 22 due to the extent of foundation and structural issues, a bay replacement at Station 3, and extensive electrical and structural repairs, lead and asbestos abatement at Fire Station 1/EMS Station 6. This funding source was approved as part of the Fiscal Year 2020, 2022, and 2024 Capital Budgets. Future issuances are anticipated.
Fire/EMS Station Improvements - $9,535,000
This supports a plan to fully renovate five stations aligning the stations to current EMS/Fire design program standards. Program standard modifications will include renovations and additions for living quarters, more efficient and functional apparatus bays, updated emergency alerting systems, back-up emergency power, and additional upgrades to the HVAC systems. This is the second sale related to this plan. These stations include EMS Station 13, Station 1, Station 5, Station 7, EMS Station 10/Fire Station 25. This funding source was approved as part of the Fiscal Year 2023 Capital Budget. Future issuances are anticipated.
Administrative Office Building - $336,850,000
This funding supports all necessary actions for the acquisition, renovation, furnishing, and equipping of administrative offices for the City. This funding source was approved as part of the Fiscal Year 2023, 2024, and 2025 Capital Budgets.
Administrative Office and Public Safety Facility Capital Improvements -$10,500,000
This funding supports various renovation projects at City administrative offices and public safety facilities. The funding source was approved as part of the Fiscal Year 2025 Capital Budget. Future issuances are anticipated.
Family Violence Shelter - $9,100,000
This funding supports the renovation, remodel and conversion of an existing City owned facility, to function as a protective shelter for victims of domestic violence. This is the third sale related to this plan. The project includes the addition of a commercial kitchen with individual cooking stations, addition of laundry facilities, playrooms, computer room, upgrades to the existing systems HVAC systems, electrical, plumbing and fire systems. The funding source was approved in the Fiscal Year 2021, 2022, and 2024 Capital Budgets.
Roy G Guerrero Park Pedestrian Bridge - $1,625,000
This funding supports Roy G. Guerrero Pedestrian Bridge replacement. The bridge was rendered unusable following the 2015 Memorial Day floods that caused severe erosion along the creek channel. This project will support the construction of a pedestrian bridge. This is the second sale related to this plan. The funding source was approved as part of the Fiscal Year 2015 and 2016 Capital Budgets.
Longhorn Dam - $4,675,000
This funding supports design and construction of safety improvements to the Longhorn Dam to create Lady Bird Lake. This is the second sale related to this plan. The funding source was approved as part of the Fiscal Year 2019 Capital Budget.
Administrative Offices for Public Safety Operations - $56,460,000
This funding supports all necessary actions for the acquisition, renovation, furnishing, and equipping of administrative offices for the Public Safety operations of the City. This funding source was approved as part of the Fiscal Year 2025 Capital Budget.
Public Safety Training Facility - $2,185,000
This funding supports the acquisition of real property for the future expansion of the Public Safety Training Facility. This funding source was approved as part of the Fiscal Year 2025 Capital Budget.
Public Safety Warehouse - $78,500,000
This funding supports all necessary actions for the acquisition, renovation, furnishing, and equipping of warehouse space for the Public Safety operations of the City. This funding source was approved as part of the Fiscal Year 2024 Capital Budget.
Parks Improvements - $11,380,000
This funding supports various Parks improvements. This includes shade structures, park facility renovation projects, and Shoal Creek Landslide Trail repairs. This funding source was approved as part of the Fiscal Year 2021,2024, and 2025 Capital Budgets.
Waterloo Confluence - $12,445,000
This funding supports design and construction of the confluence from Lady Bird Lake to 4th Street, including stream restoration/stabilization, trails, bridges, water quality, and utility improvements along Waller Creek. This funding source was approved as part of the Fiscal Year 2023 Capital Budget.
Street and Roadway Improvement Projects - $9,890,000
This funding supports various street and roadway improvement projects that address transportation safety, signals, improved access to schools such as sidewalks, traffic calming, and improved access to transit. The funding source was approved as part of the Fiscal Year 2018 and Fiscal Year 2019 Capital Budgets. Future issuances are anticipated.
Colony Park Transportation and Utility Infrastructure Improvements - $74,585,000
This funding supports public infrastructure improvements and land preparation in the Colony Park Sustainable Community as outlined in the Project and Financing Plan approved by City Council on July 18, 2024. These improvements include the installation of electric, water, wastewater, reclaimed water, roadways, storm sewers, and erosion control. The funding source was approved as part of the Fiscal Year 2024 Capital Budget. Future issuances are anticipated.
Non-Tax Supported Item:
Waller Creek District Park Improvements - $48,780,000
This is part of the overall plan for projects in the Tax Increment Financing Reinvestment Zone (TIRZ) No. 17. Waller Creek District Chain of Parks. This is the fifth sale related to this plan. This funding supports design and construction of the confluence from Lady Bird Lake to 4th Street, including stream restoration/stabilization, trails, bridges, water quality, and utility improvements along Waller Creek. This funding source was approved as part of the Fiscal Year 2019 Capital Budget.
Non-Tax Supported Item:
Waller Creek District Surface Improvements - $13,200,000
This funding supports various watershed protection related projects within the Waller Creek District. This is the third sale related to this plan. The funding source was approved as part of the Fiscal Year 2014 Capital Budget.
Non-Tax Supported Item:
Braker Lane Street Extension - $6,400,000
This funding supports the Braker Lane extension project that is extending the road from Samsung Blvd to Dawes Place. This is the second sale related to this plan. The funding source was approved as part of the Fiscal Year 2022 Capital Budget.
The debt service costs for the currently-proposed $717,510,000 Certificates of Obligation Series 2025 issuance are estimated as follows:
|
|
Total Over 20 Years: |
Average Per Year |
|
Principal |
|
$717,510,000 |
$35,875,500 |
|
Interest |
|
433,984,750 |
21,699,238 |
|
Total Debt Service |
|
$1,151,494,750 |
$57,574,738 |