STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: November 8, 2023
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT
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An ordinance authorizing (1) the issuance and sale of City of Dallas, Texas, Equipment Acquisition Contractual Obligations, Series 2023BA, in an aggregate principal amount not to exceed of $76,270,000; (2) levying a tax for payment thereof; (3) awarding the sale thereof; (4) authorizing the execution and delivery of a Paying Agent/Registrar Agreement and Purchase Letter; and (5) enacting other provisions relating to the subject - Not to exceed $260,000 - Financing: 2023BA Equipment Acquisition Notes Funds
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BACKGROUND
The FY 2022-23 and the FY 2023-24 budgets included appropriations for the purchase of vehicles and equipment for various City departments including Police, Fire-Rescue, Equipment and Fleet Management, Sanitation, and Storm Drainage Management.
To facilitate the purchase of the vehicles and equipment as well as avoid increasing contract costs, the City's co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend the issuance of equipment acquisition contractual obligations (equipment notes) to finance the purchase of City equipment, in an amount not to exceed $76,270,000 via private placement with a qualified bank. Utilizing the services of a placement agent, the City competitively solicits the equipment notes and select the most advantageous respondent. The issuance of bonds via private placement does not require the publication of an official statement, thereby reducing the overall cost of issuance.
This ordinance authorizes the issuance of City of Dallas, Texas, Equipment Acquisition Contractual Obligations, Series 2023BA on November 8, 2023, thereby allowing for the purchase of the corresponding authorized equipment. Pending City Council approval o...
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