From
Brady Olsen, Treasury and Debt Manager
Title
Discussion and consideration of all matters incident and related to approving and authorizing publication of notice of intention to issue Taxable Series 2019B Certificates of Obligation, including the adoption of a resolution pertaining thereto
Presenter
Becky Brooks, Chief Financial Officer
Recommended Action
Approve
Analysis
Staff currently plans to issue debt in accordance with ongoing discussions concerning development in the City. Combination Tax and Revenue Certificates of Obligation (CO's) totaling approximately $53,000,000 will be issued on August 6, 2019.
The purpose and use of the funds include acquisition of land, parking facilities, park amenities, as well a street, water, and sewer infrastructure to support these projects. We believe this debt could be self supporting within three years, with ongoing project revenues funding the debt service on the bonds.
State law requires that in order to issue CO's, a notice of intent 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.
The City's bond counsel, Norton Rose Fulbright, prepared the resolution which authorizes the City to issue an amount not to exceed $58,000,000 for City purposes. The resolution amount is greater than the bond sale amount in case market changes increase the size of the sale due to issuing bonds at a discount.
Financial Consideration
Funds to pay the debt service on these CO's will be available and appropriated in the General Obligation Debt Service 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, TAXABLE SERIES 2019B.
WHEREAS, the City Council of the City of Grand Prairie, Texas (the “City”), has determined that certificates of...
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