STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: December 13, 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, Combination Tax and Revenue Certificates of Obligation, Series 2024 in an aggregate principal amount not to exceed $239,500,000; (2) levying a tax in payment thereof; (3) prescribing the form of said certificates; (4) approving and awarding the sale of the certificates and approving execution of a purchase agreement; (5) approving the official statement; and (6) enacting provisions incident and relating to the subject - Not to exceed $1,093,980 - Financing: 2024 Certificates of Obligation Funds
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BACKGROUND
The FY 2022-23 and the FY 2023-24 budgets assume the issuance Certificates of Obligations (CO) to fund capital improvements to the City. Currently, the City is seeking to issue $78.5 million in CO for street and sidewalk improvements; $68.4 million for stormwater drainage improvements; and $90.0 million for capital improvements to Fair Park (debt to be paid by State Fair surplus revenue and facility surcharge). The City's financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2024, in a combined amount not to exceed $239.5 million for the purpose of funding capital improvements, including street and sidewalk improvements, stormwater drainage, and projects at Fair Park.
This ordinance authorizes City staff and financial advisors, subject to parameters, to issue City of Dallas, Combination Tax and Revenue Certificates of Obligation, Series 2024 in a competitive sale, scheduled in January 2024.
ESTIMATED SCHEDULE OF PROJECT
Authorize Preparation for Issuance of Bonds October 2023
Authorize Notice of Intent ...
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