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Comal County OKs interlocal with Canyon Lake library, authorizes up to $5 million in certificates
Summary
The court adopted Resolution 202,421 approving an interlocal with the Canyon Lake Community Library District and authorized an order for up to $5 million in certificates of obligation to finance a library expansion, to be paid with library district sales-tax proceeds, not county ad valorem taxes.
Comal County commissioners adopted Resolution 202,421 to authorize an amended and restated interlocal cooperative agreement with the Canyon Lake Community Library District to facilitate issuance of certificates of obligation to fund library expansion. Stephanie Libby of Norton Rose Fulbright, serving as bond counsel, told the court the mechanism will have the library district remit sales tax proceeds to the county to pay debt service; she emphasized those are not ad valorem (property tax) funds.
Bond counsel also presented an order authorizing the delegated sale of Combination Tax and Revenue Certificates of Obligation Series 2024 with parameters: principal not to exceed $5,000,000; latest maturity 09/01/2054; maximum interest rate 5%. The court adopted the order, delegating officials (primarily the judge and county auditor) to execute sale documents after bids are received.
