Title
Consider an ordinance authorizing the issuance of Limited Tax Notes, Series 2025; levying an ad valorem tax rate in support thereof; awarding the sale of the Notes and authorizing other matters related to the Notes. (First Reading; Second Reading Not Required)
Body
This item will authorize Limited Tax Notes of the City of Round Rock, Texas to be issued and delivered in the aggregate principal amount or approximately $5,000,000 for the purpose of purchasing City vehicles and paying the costs of issuing the notes.
A limited tax note is a note issued under Chapter 1431 of the Texas Government Code payable from ad valorem taxes, within the limits set by state law, which can have a maturity of up to seven years if issued for the construction of public works or the purchase of materials, supplies, equipment, machinery, buildings, lands, or rights-of-way for the City's authorized needs and purposes.
These LTNs are part of the City’s debt plan and cover vehicles included in the adopted FY 2024 and FY 2025 budgets.