STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 27, 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 approving and authorizing (1) the issuance and sale of City of Dallas, Texas, Special Tax Revenue Obligations (Fair Park Venue Project), Series 2023 in an amount not to exceed $51,000,000; (2) a Master Indenture of Trust and a First Supplemental Indenture of Trust; (3) making findings with respect to the issuance of such obligations; and (4) providing an effective date - Financing: 2023 (Fair Park Venue Project Bonds Fund ($629,525) and Convention and Event Services Fund ($14,500)
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BACKGROUND
Pursuant to an election held within the City of Dallas on November 8, 2022 in accordance with Chapter 334 of Texas Local Government Code (the "Brimer Bill"), voters approved Proposition A authorizing the City to provide for the planning, acquisition, establishment, development, construction, renovation and financing of the expansion of the Kay Bailey Hutchison Convention Center Dallas and related infrastructure as defined in Chapter 334 (collectively, the "Convention Center Venue Project") and to provide for the planning, acquisition, establishment, development, construction, renovation and financing of certain Fair Park facilities and related infrastructure (collectively, the "Fair Park Venue Project" and together with the Convention Center Venue Project, the "Dallas Venue Projects") and to impose a maximum increase of two percent (2%) of Hotel Occupancy Tax (HOT) as a source of pledged revenues for financing. Chapter 334 requires an issuance of the Dallas Venue Projects debt within one year of the Brimer Bill tax levy, which began on January 1, 2023.
On June 14, 2023, City Council approved a resolution authorizing the preparation of plans and the payment of potential future costs and ex...
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