From
Cheryl Davenport, Treasurer
Title
Ordinance authorizing the issuance and sale of the City of Grand Prairie, Texas, General Obligation Refunding Bonds, Series 2016 and all matters incident and thereto
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
City staff has been working with First Southwest Company on a General Obligation (GO) Refunding. The Finance & Government Committee reviewed the plan at their September 6, 2016 meeting and recommended moving forward with the refunding. The City will issue approximately $36,560,000 of GO Refunding Bonds to refund $40,750,000 of GO's and CO's issued in 2007, 2008, and 2010. The estimated net present value on the refunding is $5,998,531 or 13.252% of the refunded bonds.
Financial Consideration
The CO's are being sold through a negotiated sale with Stifel, Nicolaus & Co, Inc. serving as Senior Manager and BOK Financial Services, Inc and Raymond James & Associates, Inc serving as Co-Managers.
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 1, 2016.
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, _____________, 2016.