From
Tannie Camarata, Cash & Debt Manager
Title
Ordinance authorizing the issuance and sale of City of Grand Prairie, Texas Sales Tax Revenue Bonds, Taxable Series 2015 and all matters incident and related thereto
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On May 3, 2014 the City held a Sales Tax Election to impose a 1/4 cent sales tax to fund the EPIC project. The election passed and the City has been in the planning process for the EPIC. The sales tax for the project went into effect on October 1, 2015 when the debt for the Summit and Baseball park was paid off. The City will be issuing $75 million of Taxable Sales Tax Revenue Bonds.
Financial Consideration
The Bonds are being sold by a negotiated sale with Stifel serving as Senior Manager with Piper Jaffray and Raymond James serving as Co-Managers of the sale. The bonds are structured to mature over the next 25 years.
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 3, 2015.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,
(add the function of the ordinance in this caption; i.e. what action is being taken by adoption of this ordinance - uppercase letters)
WHEREAS, (lower case letters)
WHEREAS,
WHEREAS,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1.
SECTION 2.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, _____________, 2015.