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 authorizing the preparation of plans and the payment of potential future costs and expenses for the issuances of (1) General Obligation Refunding and Improvement Bonds, Series 2024C in an amount not to exceed $353,000,000; (2) Equipment Acquisition Contractual Obligations, Series 2024 in an amount not to exceed $35,000,000; and (3) Combination Tax and Revenue Certificates of Obligation, Series 2025 in an amount not to exceed $40,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
Body
BACKGROUND
This item authorizes the preparation of plans and the payment of potential future costs and expenses for multiple bond issuances. Pursuant to elections held in May 2024, the residents of Dallas voted and authorized the City to issue general obligation bonds for the purpose of providing funds for permanent public improvements. In addition to issuing bonds for capital projects, the City also issues bonds to satisfy other funding needs.
The City's co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend collectively issuing up to $428,000,000 in bonds for the purpose of funding capital improvements, refunding outstanding obligations for savings, funding City equipment needs and certain Stormwater capital projects and initiatives. Based on the funding needs, the City's co-financial advisors recommend the issuance of: (1) General Obligation Refunding and Improvement Bonds, Series 2024C to finance capital improvement projects at the City and refund up to $100,000,000 of eligible Series 2015 obligations for savings, in an amount not to exceed $353,000,000; (2) Equipment Acquisition Contractual Obliga...
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