From
Brady Olsen, Treasury and Debt Manager
Title
Discussion and consideration of all matters incident and related to the issuance and sale of “City of Grand Prairie, Texas Water and Wastewater System Revenue Refunding Bonds, New Series 2020,” including the adoption of an ordinance authorizing the issuance of such bonds, establishing parameters for the sale and issuance of such bonds and delegating certain matters to an authorized official of the City.
Presenter
Brady Olsen, Treasury and Debt Manager
Recommended Action
Approve
Analysis
We have the opportunity to refinance existing 2011 water wastewater debt at a net present value savings above the policy minimums of 5% or $200,000. The pricing period of the bonds will start on April 21st, and final amount of the revenue bonds will be provided to City Council at the meeting.
Financial Consideration
The revenue bonds are being sold through a negotiated sale with Frost Bank.
The City's Bond Counsel, Norton Rose Fulbright US LLP, will send the final bond ordinance to the City Council meeting the day of the meeting, April 21st, 2020.
Body
AN ORDINANCE by the City Council of the City of Grand Prairie, Texas authorizing the issuance of “City of Grand Prairie, Texas, Water and Wastewater System Revenue Refunding Bonds, New Series 2020”; pledging the net revenues of the City’s combined water and wastewater system to the payment of the principal of and interest on said Bonds; specifying the terms and conditions of such Bonds; resolving other matters incident and related to the issuance, payment, security, sale, and delivery of said Bonds, establishing procedures for the sale and delivery of said Bonds; and delegating matters relating to the sale and issuance of said Bonds to an authorized City official; and providing an effective date.
WHEREAS, the City Council of the City of Grand Prairie, Texas (the “City”) has heretofore issued, sold, and delivered, and there is currently outstanding, obligations of t...
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