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
Authorize the preparation of plans for an issuance of Waterworks and Sewer System Revenue Refunding Bonds, Series 2024 and in an amount not to exceed $295,000,000.00 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
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BACKGROUND
This proposed revenue bond sale is for the refunding and retirement of commercial paper notes issued for interim financing of improvements to the City's water and wastewater system. Issuance of revenue bonds for refunding and retirement of approximately $260,900,000.00 in commercial paper notes is in accordance with the capital program for water and wastewater improvements and is within the Fiscal Year 2024-25 operating and capital budgets for the Water Utilities Department.
The issuance of bonds is contingent upon the approval of a parameters ordinance, scheduled for City Council consideration in November 2024.
ESTIMATED SCHEDULE OF PROJECT
Authorized preparation for Issuance of Bonds October 2024
Approval of parameters ordinance November 2024
Pricing November 2024
Delivery of Proceeds December 2024
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
The Government Performance and Financial Management Committee was briefed by memorandum regarding this matter on September 23, 2024.
FISCAL INFORMATION
This action has no cost consideration to the City. Payment for cost of issuance is not made unless the bonds are issued. City Council approval of the ordinance authorizing the sale of bonds is scheduled for November 13, 2024. The anticipated cost of issuance is $856,000.00 from Dallas Water Utilities Funds.
Attachment I provides an estimate of bond issuance costs for the proposed bonds and the M/WBE part...
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