PILLAR: Fiscally Sound
AGENDA DATE: October 28, 2026
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller’s Office
PRIORITY: N/A
______________________________________________________________________
SUBJECT
Title
An ordinance authorizing (1) the issuance and sale of City of Dallas, Texas, Equipment Acquisition Contractual Obligations, Series 2026, in an aggregate principal amount not to exceed $36,000,000; (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 $182,130.00 - Financing: 2026 Equipment Acquisition Notes Fund
Body
BACKGROUND
On September 9, 2026, the City Council authorized the preparations of plans and the payment of future costs and expenses for the issuance of issuance of Equipment Acquisition Contractual Obligations, Series 2026 (the “Series 2026 Bonds”), in a total amount not to exceed $36,000,000.00, to finance the purchase of City equipment for general fund departments, stormwater, and sanitation services.
As such, the City’s co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend the issuance of the Equipment Acquisition Contractual Obligations, Series 2026 in an amount not to exceed $36,000,000.00 via a competitive sale. For investor consideration ahead of the planned sale, S&P Global Ratings and Fitch Ratings have affirmed the “AA-“ and “AA” ratings on the bonds, respectively. The outlook for both is stable.
This ordinance authorizes City staff and financial advisors, subject to parameters, to competitively bid the sale and issuance of Equipment Acquisition Contractual Obligations, Series 2026, tentatively scheduled in November 2026.
ESTIMATED SCHEDULE OF PROJECT
Authorize Preparation for Issuance of Bonds September 2026
Approval of Parameters Ordinances October 2026
Pricing November 2026
Delivery of Proceeds December 2026
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
The City Council was briefed by Memorandum regarding this matter on September 3, 2026. <https://dallascityhall.com/government/citymanager/Documents/FY25-26%20Memos/September%209,%202026,%20City%20Council%20Agenda%20Item%20No.%2026-2722A.pdf>
On September 9, 2026, 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 2026 in an amount not to exceed $312,000,000; and Equipment Acquisition Contractual Obligations, Series 2026 in an amount not to exceed $36,000,000 by Resolution No. 26-1402.
The Committee on Finance was briefed on the “FY 2026-27 Debt Program Overview and Planned Debt Transactions” on October 19, 2026.
FISCAL INFORMATION
|
Fund |
FY 2027 |
FY 2028 |
Future Years |
|
2026 Equipment Acquisition Notes Fund |
$182,130.00 |
$0.00 |
$0.00 |
Attachment I provides an estimate of bond issuance costs for the proposed bonds. Payment of fees and expenses is contingent upon the issuance and sale of the bonds.