STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: June 26, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT
Title
An ordinance authorizing (1) the issuance by the City of Dallas of its Waterworks and Sewer System Commercial Paper Notes, Series F, in an aggregate principal amount at any one time outstanding not to exceed $300,000,000, to provide interim financing to pay Project Costs for Eligible Projects and to refund obligations issued in connection with Eligible Projects; authorizing the issuance and delivery of promissory notes in connection with the issuance, sale and delivery of Commercial Paper Notes, and prescribing the terms, features and characteristics of such instruments; approving and authorizing certain authorized officers and employees to act on behalf of the City in the selling and delivery of such Commercial Paper Notes, within the limitations and procedures specified herein; making certain covenants and agreements in connection therewith; resolving other matters incident and related to the issuance, sale, security and delivery of such Commercial Paper Notes, including (2) the approval and authorizing the execution of a Credit Agreement with JPMorgan Chase Bank, National Association; (3) approving a Dealer Agreement and a related Issuing and Paying Agent Agreement in the manner herein provided; (4) approving the use of an Offering Memorandum in connection with the sale from time to time of such Commercial Paper Notes; and (5) providing an effective date - Not to exceed $6,230,579 - Financing: Dallas Water Utilities Fund ($683,300 upfront closing costs, plus three-year cost of $5,547,279) (subject to annual appropriations)
Body
BACKGROUND
Commercial paper provides interim financing for Dallas Water Utilities (DWU) capital projects. The use of commercial paper permits more cost-efficient use of cap...
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