Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Issuance topic
No spam. Unsubscribe anytime.
Council approves resolution authorizing Schertz-Seguin local government corporation to proceed with borrowing
Summary
By unanimous voice vote Schertz council authorized the Schertz-Seguin Local Government Corporation to proceed with planned borrowing for capital projects; the corporation’s borrowing also requires Seguin council approval and closing is planned for March 5.
Schertz City Council on Feb. 18 approved Resolution 25R027 authorizing the Schertz-Seguin Local Government Corporation to move forward with planned debt issuance for capital projects.
Finance Director James Walters introduced the item and said the city’s financial advisor, Samco Capital Markets, attended the meeting to brief the council. “Today is a formal action authorizing Schertz-Seguin Local Government Corporation to proceed with their borrowing,” Mark McLanney of Samco said, and he reminded council that “Schertz Seguin Local Government Corporation cannot borrow without both councils approving.”
Mayor Pro Tem Hayward made the motion to approve; Councilmember Watson seconded. The mayor requested the roll or voice; the clerk announced “We have 6 ayes. No objections. Motion passes.” Walters and the Samco representatives said they expected the signing to occur March 5 if the process continued as planned.
The resolution authorizes the local government corporation to issue debt for infrastructure and capital projects; Walters said Seguin was taking action the same evening. No financing terms were adopted by council at that meeting; staff and the corporation will finalize terms through the advisory and underwriting process ahead of closing.
