City of Dallas - File #: 24-114

• File #: 24-114
• Version: 1
• Type: CONSENT AGENDA
• Status: Corrected; Approved
• File created: 12/29/2023
• In control: City Controller's Office
• On agenda: 1/24/2024
• 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 2024A in an amount not to exceed $410,000,000 $55,000,000; (2) General Obligation Refunding and Improvement Bonds, Series 2024B in an amount not to exceed $55,000,000 $410,000,000; and (3) Combination Tax and Revenue Certificates of Obligation, Series 2024B in an amount not to exceed $218,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
• Indexes: 300

STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: January 24, 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 2024A in an amount not to exceed $410,000,000 $55,000,000; (2) General Obligation Refunding and Improvement Bonds, Series 2024B in an amount not to exceed $55,000,000 $410,000,000; and (3) Combination Tax and Revenue Certificates of Obligation, Series 2024B in an amount not to exceed $218,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)

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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 November 2017, 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 $683,000,000 in bonds for the purpose of funding capital improvements, refunding special obligations of the City, refunding outstanding obligations for savings, and funding unanticipated bond program cost overruns for certain capital projects and other street improvement projects/initiatives. Based on the funding needs, the City's co-financial advisors recommend the issuance of: (1) General Obligation Refunding and Improvement Bonds, Series 2024A in an amount not to exceed $55,000,000 to refund special obligations of the City as req...