From
Tannie Camarata
Title
Resolution authorizing publication of Notice of Intent to Issue Certificates of Obligation
Presenter
Tannie Camarata, Cash & Debt Manager
Recommended Action
Approve
Analysis
Staff is currently working on plans to issue debt in accordance with the approved capital improvement program for fiscal year 2016. The debt consists of the issuance of approximately $31,280,000 of Certificates of Obligation (CO's) on November 3, 2015. The time line for the bond sale is attached.
State law requires that in order to issue CO's, a notice of intent to issue 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 Fort Worth Star Telegram on September 6 and September 13. The CO's will be issued for the following improvement purposes:
Public Safety Fire $ 2,540,820
Public Safety Police $ 122,811
Municipal Facilities $ 6,670,548
Streets $18,737,808
Library $ 2,490,940
PID $ 714,000
Rounding $ 3,073
Total $31,280,000
The City's bond counsel, Norton Rose Fulbright, prepared the resolution which authorizes the City to issue an amount up to $34,000,000 for City purposes. The resolution amount is greater than the bond sale amount in case market pressures increase the size of the sale due to issuing bonds at a premium.
Financial Consideration
The City Council was provided information on the capital projects within the capital improvement program, along with the proposed operating budget. Funds to pay the debt service on these CO's will be available and appropriated in the General Obligation (GO's) Debt Service Fund. The Finance and Government Committee reviewed the upcoming bond sale at their meeting on August 4 and recommends moving forward with the upcoming bond sale.
Body
A RESOLUTION OF THE CITY OF GR...
Click here for full text