From
Tannie Camarata
Title
Resolution Authorizing Publication of Notice of Intent to Issue Certificates of Obligation
Presenter
Diana G. Oritz, Chief Financial Officer
Recommend Action
Approve
Analysis
Staff is currently working on plans to issue Certificates of Obligation (CO's) on January 18, 2011 in accordance to the capital improvement program.
State law requires that in order to issue CO's a notice of intent to issue the debt 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 Star Telegram on November 28th and December 5th. The CO's will be issued for the following funds:
1. Fire $1,544,650
2. Streets $4,761,053
3. Lake Parks $1,019,297
Total $7,325,000
The City's bond counsel, Fulbright and Jaworski, prepared the resolution which authorizes the city to issue an amount up to $7,325,000 for City purposes.
Financial Consideration
The City Council was provided information on the capital projects with the proposed budget and reviewed in detail at the Capital Budget Workshop on September 9, 2010. The 2011 CIP plan was approved with the FY2011 budget on September 21, 2010. Funds will be available to pay the debt service on these CO's as follows:
GO debt service fund
Lake Parks operating fund
Body
A 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.
WHEREAS, the City Council of the City of Grand Prairie, Texas (the “City”), has determined that certificates of obligation should be issued under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended, for the purpose of paying contractual obligations to be incurred for (i) acquiring, constructing, improving and equipping fire-fighting...
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