From
Diana G. Ortiz
Title
Ordinance authorizing the issuance of City of Grand Prairie, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2018; providing for the payment of said certificates of obligation by the levy of 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 Prelimary Official Statement and an Official Statement pertaining thereto; and providing an effective date
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On September 18, 2018, City Council approved a resolution for a "Notice of Intention to Issue CO's (as stated in the title)". In addition, City Council adopted, by ordinance, the FY 2018-19 Capital Improvement Plan (CIP)Budget that describes citywide capital projects primarily financed with bond issues. Therefore, the purpose of this CO sale is paying contractual obligations to be incurred for following:
- acquiring, constructing, improving and equipping fire-fighting facilities and library facilities;
- constructing, improving and equipping existing municipal facilities;
- constructing street improvements, including drainage, landscaping, curbs, gutters, sidewalks, entryways, pedestrian pathways, signage, traffic signalization and street noise abatement;
- the acquisition of land and rights-of-way; and
- professional services rendered in connection therewith.
The CO are issued under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended.
Financial Consideration
The CO's are being sold competitively and the best bid is based on Total Interest Cost (TIC), an industry standard. 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, November 6, 2018.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,