From
Cheryl Davenport, Treasurer
Title
Ordinance authorizing the issuance and sale of the City of Grand Prairie, Texas, Water and Wastewater System Revenue Refunding and Improvement Bonds, Series 2016 and all matters incident and thereto
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On September 20, 2016, the City Council adopted, by ordinance, the FY 2016/2017 Capital Improvement Projects (CIP) Budget. As part of the approved CIP, the City is scheduled to issue revenue bonds to fund water and wastewater projects totaling $6,749,668.
City staff has been working with First Southwest Company on a Water and Wastewater Refunding. The Finance & Government Committee reviewed the plan at their September 6, 2016 meeting and recommended moving forward with refunding $12,745,000 of revenue bonds issued in 2007 and 2008. The estimated net present value on the refunding is $1,946,639 million or 15.27%.
The City will issue approximately $16,980,000 of Water and Wastewater System Revenue Refunding and Improvement Bonds for both the new projects listed in the CIP and the refunding bonds.
Financial Consideration
The revenue and refunding bonds are being sold through a negotiated sale with R.W. Baird & Co, Inc. serving as Senior Manager and Raymond James & Associates, Inc serving as Co-Manager.
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 1, 2016.
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, _____________, 2016.