STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: October 8, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller’s Office
EXECUTIVE: Jack Ireland
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SUBJECT
Title
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
Body
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 2025 in an amount not to exceed $40,000,000 to finance storm drainage facilities and 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.
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 Combination Tax and Revenue Certificates of Obligation, Series 2025, scheduled in January 2025.
ESTIMATED SCHEDULE OF PROJECT
Authorize Preparation for Issuance of Bonds October 2024
Authorize Notice of Intent October 2024
Approval of Parameters Ordinances December 2024
Pricing January 2025
Delivery of Proceeds January 2025
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>
FISCAL INFORMATION
No cost consideration to the City.