From
Diana G. Ortiz
Title
Accept and approve the bond sales' pricing for General Obligation Refunding Bonds, Combination Tax and Revenue Certificates of Obligation, Water and Wastewater System Revenue and Refunding Improvement Bonds, and, Sales Tax Revenue Bonds (Park Venue)
Presenter
Diana G. Ortiz
Recommended Action
Approve
Analysis
The City Council approved the Capital Improvement Plan (CIP) Budget for the Fiscal Year Ending September 30, 2017. The CIP budget is primarily funded with the sale of municipal bonds and described at the Finance and Government Committee Meeting on September 6, 2016.
Combinagtion Tax and Revenue Certificates of Obligation include funding for Fire, Library, Facilities, Prolice and Streets with maturities ranging from five to twenty years. Sales Tax Revenue Bonds will fund the expansion and remodel of the Charley Taylor Recreation Center. A smaller portion of this issue will also fund PlayGrand at Central Park.
In addition to issuing bonds to fund capital improvement projects, the City estimated present value savings of $5,998,531 (13.252%) for the General Obligation Refunding issue, and, $1,946,639 (15.274%) for Water and Wastewater Refunding Issue.
Financial Consideration
Hilltop Securities (former First Southwest Company) will bring the final pricing numbers resulting from the bond sales' transactions.