From
Brady Olsen, Treasury and Debt Manager
Title
Ordinance authorizing the issuance of “CITY OF GRAND PRAIRIE, TEXAS, COMBINATION TAX AND REVENUE NOTES, TAXABLE SERIES 2019”; specifying the terms and features of said notes; levying a continuing direct annual ad valorem tax for the payment of said notes; and resolving other matters incident and related to the issuance, sale, payment and delivery of said notes, including the approval and execution of a Paying Agent/Registrar Agreement and a Purchase Contract and the approval and distribution of an Official Statement; and providing an effective date
Presenter
Brady Olsen, Treasury and Debt Manager
Recommended Action
Approve
Analysis
On June 18th, Council was presented with a financing plan for the Epic Central Project. These tax notes would be in the sum of ~$7 million to pay for the conference center portion of the project. Any unspent proceeds of the Notes would be callable in the event the project stalls. The Notes will be secured by the tax base, the TIF, and State hotel tax rebates, although we anticipate using project revenues to pay off the debt.
Financial Consideration
The debt obligations are being funded in a negotiated sale, due to the complex nature of the multiple issuances. Funding for the debt payment is included in the GO Debt Service Fund. The City's Bond Counsel, Norton Rose Fulbright, will bring the final bond ordinance to the City Council meeting the day of the sale, August 6th, 2019.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,