New Braunfels city council members on Monday authorized the issuance of general bond repayment bonds in an amount not to exceed $ 24.16 million in one or more rounds to refinance the debt.
Similar to when a homeowner refinances a mortgage, the action takes advantage of current low interest rates to repay the remaining principal on the 2012 and 2013 bond certificates now eligible for repayment.
Based on current interest rates, city officials say, paying off the bonds will generate about $ 3.5 to $ 4.5 million in savings. The projected savings are cumulative for 2023-2033.
The Board approved a Parameter Sale for Repayment Obligations, which sets minimum repayment terms, such as a maximum interest rate and a minimum gross savings of $ 3.5 million.
If any of the parameters are not met, officials would not have the opportunity to complete the sales process.
Board member James Blakey was absent from the meeting.
Additionally, during the meeting, the city’s Parks and Recreation Department received a National Gold Medal Finalist Plaque from the American Academy of Park and Recreation Administrators and the National Recreation and Park Association.
The department was named a finalist for the National Gold Medal Award, one of four finalists in the population category 75,001 to 150,000 people.
The National Gold Medal Award honors public park and recreation agencies and state park systems across the United States and armed forces recreation programs around the world that demonstrate excellence in long-term planning term, resource management and innovative approaches to provide superb parks and recreation services with fiscally sound business practices.
The finalists in the New Braunfels population category were Provo, Utah, gold medal recipient Provo, Utah, South Bend, Indiana and Waukegan, Illinois.
The plaque was presented by National Gold Medal Judge Rick Atkins, Director of Parks and Recreation for Round Rock.
A measure revising the start date of the water recreation shuttle loading zones on West Lincoln Street, Liebscher Drive and South Gilbert Street from May 1 to March 1 has been removed from Monday’s agenda for future consideration.
Council members issued proclamations recognizing Gruene Music Wine Festival Campaign Month and National Arts and Humanities Awareness Month.
Among other actions during Monday’s meeting, board members:
m Approved a resolution determining the costs of proposed public improvements in the Solms Landing Public Improvement District and a proposed assessment roll.
m Approved a resolution to rename the airport to New Braunfels National Airport.
m Approved a purchase of $ 248,798 with Stryker Sales Corporation for durable medical equipment, such as electric stretchers and chest compression devices for the New Braunfels Fire Department.
Special Monday meeting
Council members will meet at 4 p.m. on Monday in the council chamber of New Braunfels town hall to consider the appointment of ten members to a redistribution committee.
Following the release of the 2020 census data, New Braunfels town leaders recently began work on redistribution, a process that uses changing community demographics to reconfigure the district boundaries of members of the municipal Council.
Council members last month elected a redistribution committee to work with city consultant Alan Bojorquez of Austin, PC-based law firm Bojorquez, to review census data and make recommendations to city council. on how to move forward with the redistribution.
Ten members will make up the redistribution committee, with seven of those members appointed directly by a board member, and the other three members chosen by a vote of board members from among those who applied for the committee.