Title
Consider an ordinance authorizing the issuance of Limited Tax Notes, Series 2024; levying an ad valorem tax in support thereof; awarding the sale of the Notes and authorizing other matters related to the Notes. (First Reading)*
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 $8,000,000 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 2023 and FY 2024 budgets.