From
Brady Olsen, Treasury and Debt Manager
Title
Ordinance authorizing the issuance of “CITY OF GRAND PRAIRIE, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2019A providing for the payment of said certificates of obligation by the levy of an ad valorem tax upon all taxable property within the City and a limited pledge of the net revenues of the City’s combined water and wastewater system; providing the terms and conditions of such certificates of obligation and resolving other matters incident and relating to the issuance, payment, security, sale, and delivery of said certificates of obligation, including the approval and execution of a Paying Agent/Registrar Agreement and a Purchase Agreement and the approval and distribution of a Preliminary Official Statement and an Official Statement pertaining thereto; and providing an effective date
Presenter
Brady Olsen, Treasury and Debt Manager
Recommended Action
Approve
Analysis
On June 18th, Council was presented with a plan of finance for the standard CIP for the coming year. Council then approved a notice of intent for the issuance. Since the notice of intent was published, we have received the certified tax base for the coming year. Due to the final values, we will be issuing slightly less than we had previously anticipated. The bond proceeds will be used to fund firefighting, library, and municipal facilities; streets; IT systems; and park improvements. Portions of the street and IT project will be amortized over a shorter time period than the 20-year bonds in order to match asset life and provide the City greater flexibility in future years.
Financial Consideration
The debt obligations are being funded in a negotiated sale, due to the complex nature of the multiple issuances. 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 the day of the sale, August 6th, 2019.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,