From
Cheryl Davenport, Treasurer
Title
Ordinance authorizing the issuance of City of Grand Prairie, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2017; providing for the payments of said obligation by the levy of an ad valorem tax upon all taxable property within the city; providing the terms and conditions resolving all matters incident and relating to the issuance, payment, security, sale and delivery of said certificates of obligation
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On September 5th, City Council approved a resolution to issue certificates of obligation in the amount not to exceed $41,000,000. On September 19, 2017, the City Council adopted, by ordinance, the FY 2017/2018 Capital Improvement Projects (CIP) Budget. As part of the approved CIP, the City is scheduled to issue Certificates of Obligation (CO's). The CO's are being issued for Fire, Library, Facilities, Parks, and Street projects and for acquiring a planning, inspection, permitting, and engineering information system. The amount of the CO's to be issued is estimated to be $40,395,000. Final pricing of the bonds will be on October 17th and the final amount of the bonds to be issued will be provided to City Council at the meeting.
Funding for the debt service 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, October 17, 2017.
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 serving as Co-Manager.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS,