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, Combination Tax and Revenue Certificates of Obligation, Series 2021”, including the adoption of an ordinance authorizing the issuance of such certificates of obligation and delegating certain matters to an authorized official of the City.
Presenter
Brady Olsen, Treasury and Debt Manager
Recommended Action
Approve
Analysis
On November, 17th, Council was presented with a plan of finance for the standard Capital Improvement Projects (CIP) for the coming year. Council then approved a notice of intent for the issuance. The bond proceeds will be used to fund firefighting, library, and municipal facilities; streets; IT systems; and the turnback project. The bonds will be issued in a parameters ordinance to allow for greater flexibility in a potentially volatile marketplace. Our initial plan is to sell on the 21st if the market warrants. The Finance and Government Committee was briefed on the 5th and recommended approval.
Financial Consideration
The debt obligations are being funded in a competitive sale. Funding for the debt payment is included in the GO Debt Service Fund. The City's Bond Counsel, Norton Rose Fulbright, will bring the final bond ordinance to the City Council meeting.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,