From
Mona Lisa Galicia
Title
Resolution approving the issuance of Dallas County Flood Control District No. 1 2015 Bonds in the approximate principal amount of $27,750,000 solely for the purpose of approving the issuance of bonds over $500,000 as required
Presenter
Donald Postell
Recommended Action
Approve
Analysis
The Dallas County Flood Control District No. 1 (the “District”), whose boundaries are located in both the Cities of Grand Prairie and Irving, currently has $27,750,000 of its Dallas County Flood Control District No. 1 Unlimited Tax Refunding Bonds, Series 2002 (the “2002 Bonds”) outstanding. The District expects to refund the 2002 Bonds for significant debt service savings through the issuance of its Unlimited Tax Refunding Bonds, Series 2015 (the “2015 Bonds”). The 2015 Bonds are being proposed to reduce the tax burden on taxpayers in the District and does not include any money for new projects.
Pursuant to the legislation that created the District, the District is required to send notice and to receive approval from both the of the Cities of Grand Prairie and Irving before the District can issue bonds. The District’s bonds are solely the responsibility of the District and neither of the Cities of Grand Prairie or Irving have any responsibility with respect to the payment of the 2015 Bonds or any other matters concerning the District’s 2015 Bonds or any other indebtedness of the District.
The Financial Advisor to the District has determined that the refunding market for the 2015 Bonds is very favorable and moving quickly to issue the 2015 Bonds and lock in the debt service would provide significant savings for the District. A similar resolution will be considered by the City of Irving at its September 17, 2015 Council Meeting.
The proposed Resolution below approves the issuance of the 2015 Bonds solely for the purpose of complying with the District’s creating legislation.
Financial Consideration
No financial cost to the City.
Bod...
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