STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: January 24, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller’s Office
EXECUTIVE: Jack Ireland
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SUBJECT
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A resolution of the City Council of the City of Dallas, Texas (1) authorizing the publication of Notice of Intention to Issue Certificates of Obligation; (2) approving the preparation of a preliminary official statement and a Notice of Sale; and (3) providing for the effective date thereof - Financing: No cost consideration to the City
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BACKGROUND
The City's co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2024B in an amount not to exceed $218,000,000 to finance park and recreation improvements, drainage improvements, and street improvements. Federal tax regulations allow for the reimbursement of capital expenditures from bond or short-term debt proceeds. These regulations can be used to begin implementation prior to issuance of bonds or commercial paper with the approval of this resolution.
Additionally, State law requires City Council approval of a Notice of Intention to Issue Certificates of Obligation under and pursuant to the provisions of Texas Local Government Code, Section 271.049, as amended.
Passage of this resolution will authorize the publication of the Notice of Intention to Issue Certificates of Obligation and allow for expenditures in advance of the proposed Combination Tax and Revenue Certificates of Obligation, Series 2024B, scheduled for pricing in April 2024.
ESTIMATED SCHEDULE OF PROJECT
Authorize Preparation for Issuance of Bonds January 2024
Authorize Notice of Intent January 2024
Approval of Parameters Ordinances March 2024
Pricing April 2024
Delivery of Proceeds May 2024
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
The Government Performance and Financial Management Committee will be briefed by memorandum regarding this matter on January 22, 2024.
FISCAL INFORMATION
No cost consideration to the City.