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 Sales Tax Revenue Refunding Bonds, 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
The city has the opportunity to refund approximately $7 million in outstanding park venue sales tax bonds at a savings above the current policy levels (5% or $200,000). This will be a parameters ordinance which will allow city staff to better time the sale in a potentially volatile market.
Financial Consideration
The revenue bonds are being sold through a negotiated sale with Raymond James serving as Manager.
Body
ORDINANCE NO. ____-2020
AN ORDINANCE by the City Council of the City of Grand Prairie, Texas authorizing the issuance of “City of Grand Prairie, Texas, Sales Tax Revenue Refunding Bonds, Series 2020,” pledging certain “Pledged Revenues” of the City, including “Gross Sales Tax Revenues,” to the payment of the principal of and interest on said Bonds; enacting provisions incident and related to the issuance, payment, security 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, in accordance with the provisions of Texas Local Government Code, Chapter 334 (the “Act”), the qualified voters of the City of Grand Prairie, Texas (the “City”), voting in an election held November 2, 1999, authorized the City to improve and add to all of its parks and recreation system (the “Project”) and to impose a sales and use tax at the rate of one-fourth of one per...
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