STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: October 25, 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 the issuance and sale of City of Dallas, Texas Waterworks and Sewer System Revenue Bonds, Series 2023C, in the amount of $34,000,000 to the Texas Water Development Board; awarding the sale of the bonds; approving the execution of agreements in connection with the sale of the bonds; and all other matters related thereto - Not to exceed $209,000 - Financing: Dallas Water Utilities Fund
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BACKGROUND
On April 27, 2022, the City Council authorized the City Manager and the Director of Dallas Water Utilities (DWU) to submit loan applications to the Texas Water Development Board (TWDB) for low-cost financial assistance for planning, design, and construction of projects on programs on the prioritization list. Financial assistance applications for State Water Implementation Fund for Texas (SWIFT) projects were submitted by DWU in May 2022, to include two eligible projects representing $80.8 million in planned capital improvements and one multi-year commitment with TWDB of $170 million to fund DWU's water main replacement program for five years for a total funding commitment of $250.8 million.
The SWIFT was created in 2013 by the Texas Legislature to provide affordable financial assistance for projects in the state water plan. The program provides low-cost financial assistance for planning, design, and construction to political subdivisions for State Water Plan Projects via the State Water Implementation Revenue Fund for Texas (SWIRFT).
In accordance with the SWIRFT financial assistance programs, DWU will issue $34.0 million in Waterworks and Sewer System Revenue Bonds, Series 2023C (the "Series 2023C Bonds") that will be purchased by the TWDB. Through the purchase of our bonds...
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