Title
Conduct a public hearing regarding the Issuance of City of Pflugerville, Texas Limited Tax Refunding Bonds, and Approving an Ordinance on first and final reading with the caption reading: Ordinance authorizing the issuance of City of Pflugerville, Texas Limited Refunding Bonds, Series 2025; Levying an Ad Valorem Tax in support of the Bonds; Approving a Paying Agent/Registrar Agreement, a Purchase Agreement and an Escrow Agreement; Establishing procedures for selling and delivering the Bonds and Authorizing Other Matters Related to the Bonds.
Summary
This ordinance is authorizing the issuance of debt to refinance or refund a portion of the City's currently outstanding obligations in the proposed amount of $30,930,000 (final amount will be determined on the day of pricing). By approving this ordinance, the City is authorizing the issuance of limited tax refunding bonds in an amount not to exceed $30,930,000, including all project and bond issuance costs.
The attached ordinance has been prepared by bond counsel. The pricing terms of the certificates will be finalized and incorporated into the ordinance on April 8, 2025. Both Standard and Poor and Kroll have maintained the City's AA+ rating. Present value savings are anticipated and will vary from $2.0 to $2.6 million as a result of this refunding. The Financial Advisor has presented two refunding options and will determine the best option to move forward with on the day of pricing. This option will be presented during the City Council meeting on April 8 which is the day of pricing. The callable portion of the 2015 bond series are being considered for this refunding.
Prior City Council Action
N/A
Deadline for City Council Action
The ordinance authorizing the issuance must be adopted on April 8, 2025 to complete the process of selling the limited tax refunding bonds priced the same day.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: Variable depend...
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