From
Becky L.Brooks, Asst CFO
Title
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
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
Staff currently plans to issue debt in accordance with the approved Capital Improvement Program (CIP) for Fiscal Year (FY) 2018-2019. Combination Tax and Revenue Certificates of Obligation (CO's) totaling approximately $45,000,000 will be issued on November 6, 2018. The time line for the bond sale was submitted to committee on September 4, 2018.
The purpose and use of the funds as outlined in the adopted CIP include fire-fighting facilities and equipment, library facilities, new construction and renovations to municipal facilities, and street improvements including related costs of rights of way and costs incidental to street improvements.
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 $45,000,000 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
The City Council held a budget workshop on August 23, 2018 and was provided with information on the capital projects within the capital improvement program, along with the proposed operating budget. Funds to pay the debt service on these CO's will be available and appropriated in the General Obligation Debt Service Fund as .
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS APPROVING AND AUTHORIZING PUBLICATION OF NOTI...
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