STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: November 13, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller’s Office
EXECUTIVE: Jack Ireland
______________________________________________________________________
SUBJECT
Title
An ordinance authorizing (1) the issuance and sale of City of Dallas, Texas, General Obligation Refunding and Improvement Bonds, Series 2024C in an aggregate principal amount not to exceed $353,000,000.00; (2) levying a tax in payment thereof; (3) awarding the sale thereof and approving execution of a Purchase Agreement, a Deposit Agreement and an Escrow Agreement; (4) approving the official statement; and (5) enacting other provisions relating to the subject - Not to exceed $1,049,000.00 - Financing: 2024C General Obligation Refunding and Improvement Bonds Fund
Body
BACKGROUND
On October 8, 2024, the City Council authorized the preparations of plans and the payment of future costs and expenses for the issuance of General Obligation Refunding and Improvement Bonds, Series 2024C (the “Series 2024C Bonds”), in a total amount not to exceed $353,000,000.00, to finance capital improvement projects at the City and refund up to $100,000,000.00 of eligible Series 2015 obligations for savings.
As such, the City’s co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend the issuance of the General Obligation Refunding and Improvement Bonds, Series 2024C in an amount not to exceed $353,000,000.00 via a competitive sale.
This ordinance authorizes City staff and financial advisors, subject to parameters, to competitively bid the sale and issuance of City of Dallas, Texas, General Obligation Refunding Bonds, Series 2024C, tentatively scheduled in November 2024.
ESTIMATED SCHEDULE OF PROJECT
Authorized Preparation for Issuance of Bonds October 2024
Approval of Parameters Ordinances November 2024
Pricing November 2024
Delivery of Proceeds December 2024
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
The Government Performance and Financial Management Committee was briefed by memorandum regarding this matter on September 23, 2024. <https://dallascityhall.com/government/citymanager/Documents/FY23-24%20Memos/Upcoming%20Debt.pdf>
On October 8, 2024, the City Council approved a resolution authorizing the preparation of plans and the payment of potential future costs and expenses for the issuances of General Obligation Refunding and Improvement Bonds, Series 2024C in an amount not to exceed $353,000,000.00, by Resolution No. 24-1477.
The Government Performance and Financial Management Committee was briefed on the “FY 2024-2025 Debt Issuance Overview” on October 22, 2024.
The Government Performance and Financial Management Committee was briefed by memorandum regarding this matter on November 7, 2024. <https://dallascityhall.com/government/citymanager/Documents/FY24-25%20Memos/Upcoming%20Agenda%20Item%2024%203334%20for%20November%2013%202024%20%20Authorizing%20the%20Issuance%20of%20City%20of%20Dallas.pdf>
FISCAL INFORMATION
|
Fund |
FY 2025 |
FY 2026 |
Future Years |
|
2024C General Obligation Refunding and Improvement Bonds Fund |
$1,049,000.00 |
$0.00 |
$0.00 |
Attachment I provides an estimate of bond issuance costs for the proposed bonds and the M/WBE participation. Payment of fees and expenses is contingent upon the issuance and sale of the General Obligation Refunding and Improvement Bonds, Series 2024C.