From
Tannie Camarata, Cash & Debt Manager
Title
Ordinance authorizing the issuance and sale of City of Grand Prairie, Texas General Obligation Refunding Bonds, Series 2015 and all matters incident and related thereto
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
City staff has been working with First Southwest Company on a General Obligation (GO) Refunding. The Finance & Government Committee reviewed the plan at their August 4, 2015 meeting and recommended moving forward with the refunding. The City will issue approximately $10,825,000 of GO Refunding Bonds to refund $11,800,000 of 2006A GO's and 2006A CO's. The estimated net present value savings on the refunding is $1,153,898 or 9.78% of the refunded bonds.
Financial Consideration
The GO's are being sold by a negotiated sale with Robert W. Baird & Co serving as Senior Manager and BOSC, Inc as Co-Manager. The GO's are structured to mature over the next 12 years.
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.