From
Cheryl Davenport
Title
Resolution of the City of Grand Prairie, Texas approving and authorizing publication of Notice of Intention to issue Combination Tax and Revenue Certificates of Obligation
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
Staff is currently working on plans to issue debt in accordance with the approved Capital Improvement Program (CIP) for Fiscal Year (FY) 2016-2017. Combination Tax and Revenue Certificates of Obligation (CO's) totaling approximately $37,100,000 will be issued on November 1, 2016. The time line for the bond sale is attached.
State law requires that in order to issue CO's, a notice of intent must be published once a week for two consecutive weeks in a newspaper having general circulation in the City. The first notice of intent must be published at least 31 days prior to the sale date. In this case, the notices will be published in the Fort Worth Star Telegram on September 25th and October 2nd. The CO's will be issued for the following purposes:
Fire $2,340,000
Library $1,940,000
Facilities $12,470,000
Police $400,000
Streets $19,950,000
Total $37,100,000
The City's bond counsel, Norton Rose Fulbright, prepared the resolution which authorizes the City to issue an amount not to exceed $38,000,000 for City purposes. The resolution amount is greater than the bond sale amount in case the market pressures increase the size of the sale due to issuing bonds at a premium.
Financial Consideration
The City Council was provided with information on the capital projects within the capital improvement program, along with the proposed operating budget. Funds to pay the debt service on these CO's will be available and appropriated in the General Obligation Debt Service Fund. The Finance and Government Committee reviewed the proposed bond sale at their meeting on September 6th and recommends moving forward with the proposed bond sale.
Body
A RESOLUTION OF THE CITY OF...
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