From
Tannie Camarata, Cash & Debt Manager
Title
Ordinance authorizing the issuance and sale of City of Grand Prairie, Texas Combination Tax and Revenue Certificates of Obligation, Series 2015 and all matters incident and related thereto
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On September 15, 2015 the City Council adopted by ordinance the FY 2015/2016 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 street, municipal facilities, library, fire, police and PID improvements. The total amount of CO's being issued is approximately $26,875,000.
Financial Consideration
The CO's are being sold by a negotiated sale with Robert W. Baird & Co. serving as Senior Manager and BOSC, Inc. serving as Co-Manager. The CO's are structured with $14,350,000 to mature over the next 10 years and $12,525,000 to mature over the next 20 years.
Funding for the debt service are included in the following funds:
GO Debt Service Fund
Forum PID
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 3, 2015.
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, _____________, 2015.