TOWN STAFF REPORT RECOMMENDATIONS
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Discuss and take action to adopt Ordinance 1027 Authorizing the Issuance of up to $9,540,000 Town of Westlake, Combination Tax and Revenue Certificates of Obligation, Series 2025, to fund water projects, including pump stations and a water tower, and the Sam & Margaret Lee Arts & Science Center; Levying an Annual Ad Valorem Tax and Providing for the Security for and Payment of said Certificates of Obligation; Approving an Official Statement; and Enacting other Provisions relating to the Subject (Cayce Lay Lamas, Finance Director)
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STAFF: Finance Director Cayce Lay Lamas
BACKGROUND:
The Town Council will discuss and take action to adopt an Ordinance authorizing the issuance and sale of combination tax and revenue certificates of obligation, in an amount not to exceed $9,540,000, to fund pump station improvements, land acquisition and design services for a future water tower, and an expansion of the Sam & Margaret Lee Arts & Sciences Center at Westlake Academy; levying an annual ad valorem tax and providing for the payment of said certificates of obligation; approving an official statement; and enacting other provisions relating to the subject. The amount being considered for issuance is less than the amount included in the Notice of Intention published by the Town on May 23, 2025 and May 30, 2025; the Town will not issue any additional debt associated with said Notice of Intention, and said Notice of Intention will be extinguished upon approval of this Ordinance.
DISCUSSION:
The Town Council approved a Notice of Intent to issue debt at the May 20, 2025, meeting in response to pending legislation that would have severely limited the Town's borrowing opportunities going forward. Projects originally planned over the next three (3) fiscal years were presented for consideration in a bond issuance and notice was given in an amount not to exceed $30 million. The notice was correctly published in the Star Telegram and on ...
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