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 the issuance and sale of City of Dallas, Texas Drainage Utility System Revenue Bonds, Series 2024A, in the amount of $14,175,000 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 $71,000 - Financing: Dallas Water Utilities Stormwater Drainage Management Fund
Body
BACKGROUND
The Flood Infrastructure Fund (FIF) was passed by the Legislature and approved by Texas voters in 2019 through a constitutional amendment, the FIF program provides financial assistance in the form of loans and grants for flood control, flood mitigation, and drainage projects. On September 17, 2020, the Texas Water Development Board (TWDB) approved the Prioritization List and Eligible Funding Amounts under the FIF, including two projects for the Modified Dallas Floodway Project, relating to an extension of the floodway and levee system.
The Dallas Floodway Levee System is locally owned and operated, federally regulated by the U.S. Army Corps of Engineers (USACE) and provides flood risk mitigation for an area that encompasses over $14 billion in real and personal property and over 400,000 residents. The levee system currently has two ongoing federal projects that have completed all environmental clearances, received their Record of Decisions, and appropriated funds through the USACE Civil Works Program. Per executed project partnership agreements between the USACE and the City, the City is obligated to cost participate in the design and construction activities for the flood risk management components of the project.
The combined project costs for the Modi...
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