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 2017”
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On January 26, 2017, TWDB approved the City's financial assistance request in the amount of $5,741,174, consisting of a $5,110,000 loan and $631,175 in loan forgiveness, from the Clean Water State Revolving Fund. The City will use the funds to finance construction of wastewater system improvements. The timeline and schedule of activities was presented to the Finance and Government Committee on March 7, 2017. The pricing of the bonds will take place the week of April 10 and the bonds will be structured over a thirteen year term.
Financial Consideration
Debt service expenditures are budgeted in the Water and Wastewater Debt Service Fund.
Body
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS AUTHORIZING THE ISSUANCE OF “CITY OF GRAND PRAIRIE, TEXAS, WATER AND WASTEWATER SYSTEM REVENUE BONDS, NEW SERIES 2017”; 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, INCLUDING THE APPROVAL AND EXECUTION OF A PAYING AGENT/REGISTRAR AGREEMENT AND AN ESCROW DEPOSIT AGREEMENT, AND PROVIDING AN EFFECTIVE DATE
WHEREAS, pursuant to an application filed with the Texas Water Development Board (the “Board”), the City of Grand Prairie, Texas (the “City”) has received a loan commitment from the Board for financial assistance in the amount of $5,741,175 to finance the costs of constructing improvements and extensions to the City’s wastewater system, and such financial assistance is to be evidenced by the Board’s purchase of $5,110...
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