Item 23: General Obligation Refunding Bonds

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COSM_Admin

Administrator
Staff member
Consider approval of Ordinance 2021-46, on first and final reading, authorizing the issuance of City of San Marcos, Texas General Obligation Refunding Bonds in the amount not to exceed $75,000,000 in one or more series; approving an official statement, a paying agent/registrar agreement, a bond purchase agreement and an escrow agreement; establishing the procedures for selling and delivering one or more series of the bonds; providing for the approval of this ordinance on one reading only as authorized by state law; and authorizing other matters relating to the bonds.
 

JHughson

CoSM Members
Do we have an estimate of how much we will be saving?
I know we don't know the interest rate we will actually receive, but surely we know about what it will be?
 

COSM_Admin

Administrator
Staff member
The estimated total savings over the next 15 years is $2,490,657 based on true interest cost of 2.310%. The savings is split between multiple funds and is outlined in the pdf attached in Legistar called San Marcos refunding info (5.13.21) and summarized below. I have also attached here for convenience.



FundEstimated Savings
General
$539,790​
Drainage
$149,590​
Water/Wastewater
$719,503​
Hotel Occupancy Tax
$142,881​
Electric
$281,227​
Pass-Through *
$657,667​
Total
$2,490,657​


*TXDOT Pass-Through for the Wonder World Drive extension project
 

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  • San Marcos refunding info (5.13.21).pdf
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