From
Cheryl Davenport, Treasurer
Title
Ordinance authorizing the issuance and sale of the City of Grand Prairie, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2016 and all matters incident and thereto
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On September 20, 2016, the City Council adopted, by ordinance, the FY 2016/2017 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, Police, and Street projects. The total amount of the CO's being issued is approximately $31,685,000. 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, November 1, 2016.
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.
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.