From
Tannie Camarata, Cash & Debt Manager
Title
Ordinance authorizing the issuance of General Obligation Refunding Bonds, Series 2012
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
City staff along with First Southwest Company, the City's Financial Advisor have been working on a General Obligation Refunding bond sale. The City will issue approximately $8.4 million of refunding bonds to refinance $8.6 million of GO and CO bonds.
The estimated gross dollar saving on the refunding is $1.346 million with the net present value savings is $1.186 million or 13.76% of the refunded bonds.
Fulbright and Jaworksi, the City's Bond Counsel is preparing the ordinance and will bring it to the City Council meeting on December 11th.
Financial Consideration
The GO refunding bonds are structured to mature over the next 14 years.
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)
WHEREAS,
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, _____________, 2012.