From
Cheryl Davenport, Treasurer
Title
Ordinance authorizing the issuance and sale of City of Grand Prairie, Texas, Water and Wastewater System Revenue Bonds, New Series 2017A; pledging the net revenues of the City's combined water and wastewater system to the payment of the principal of and interest on said Bonds; specifying the terms and conditions of such Bonds; resolving other matters incident and related to the issuance, payment, security, sale, and delivery of said Bonds
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On September 19, 2017, the City Council adopted, by ordinance, the FY 2017/2018 Capital Improvement Projects (CIP) Budget. As part of the approved CIP, the City is scheduled to issue revenue bonds to fund water projects estimated at $3,025,000. Pricing of the bonds will be on October 17th and final amount of the revenue bonds will be provided to City Council at the meeting.
Financial Consideration
The revenue bonds are being sold through a negotiated sale with R.W. Baird & Co, Inc.
The City's Bond Counsel, Norton Rose Fulbright US LLP, will bring the final bond ordinance to the City Council meeting the day of the sale, October 17, 2017.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,