Ord 2011-054 - Laserfiche WebLink

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(1) Maximum maturity of twenty -five (25) years for any one series of bonds; (2) The net effective interest rate will not exceed two per cent above the highest average interest rate reported by the Daily Bond Buyer in its weekly "20 Bond Index" during the one -month period preceding the date notice of sale is ig'ven. (3) The bonds shall expressly provide that the district shall reserve the right to redeem bonds at any time subsequent to the tenth (10' anniversary of the date of issuance, without premium. No variable rate bonds shall be issued by a district without city council approval; (4) Any refunding bonds of the district must provide for a minimum of 3% percent value savings and that the latest maturity of the refunding bonds may not extend beyond the latest maturity of the refunded bonds unless approved by the city council. (f) The city shall require the following information with respect to bond issuance: (1) At least thirty (30) days before issuance of bonds, except refunding bonds, the district's financial advisor shall certify in writing that the bonds are being issued within the existing economic feasibility guidelines established by the TCEQ for districts issuing bonds for water, sewer or drainage facilities in the county in which the district is located and shall deliver certification to the city clerk, the city manager and the director of finance. (2) At least thirty (30) days before the issuance of bonds. The district shall deliver to the city Manager, city attorney and the director of finance notice as to: a. The amount of the bonds being proposed for issuance; b. The projects to be funded by such bonds; and C. The proposed debt service tax rate after issuance of the bonds. (3) If the district is not required to obtain TCEQ approval of the issuance of the bonds (other than refunding bonds), the district shall deliver such notice required in this section at least sixty (60) days prior to issuing such bonds. Within thirty (30) days after the district closes the sale of a series of bonds, the district shall deliver to the city manager a copy of the final official statement for such series of bonds. If the city requests additional information regarding such issuance, the district shall promptly provide such information at no cost to city.