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File #: 20-187    Version: 2 Name:
Type: CONSENT AGENDA Status: Agenda Ready
File created: 1/16/2020 In control: City Controller's Office
On agenda: 2/12/2020 Final action:
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 2020 in an amount not to exceed $280,000,000; (2) Certificates of Obligation, Series 2020 in an amount not to exceed $16,000,000; and (3) Equipment Notes, Series 2020 in an amount not to exceed $33,000,000 - Total not to exceed $329,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
Indexes: 300
Attachments: 1. Resolution, 2. Attachment I
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: February 12, 2020
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Elizabeth Reich
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SUBJECT

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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 2020 in an amount not to exceed $280,000,000; (2) Certificates of Obligation, Series 2020 in an amount not to exceed $16,000,000; and (3) Equipment Notes, Series 2020 in an amount not to exceed $33,000,000 - Total not to exceed $329,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)

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BACKGROUND

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. The adopted FY 2019-20 capital budget assumed the issuance of approximately $232 million in General Obligation bonds and $30 million in equipment acquisition notes in FY 2019-20. Additional monies are needed to finance restoration of City facilities damaged by severe storms. The City's financial advisors, PFM Financial Advisors LLC, recommend: (1) issuance of refunding and improvement bonds to refund a portion of Series 2010C bonds and to finance capital improvement projects at the City, in an amount not to exceed $280,000,000; (2) issuance of certificates of obligation to finance restoration of damages to City facilities following severe storms, in an amount not to exceed $16,000,000; and (3) issuance of equipment notes to finance the purchase of City equipment, in an amount not to exceed $33,000,000.

The City's financial advisors recommend collectively issuing up to $329,000,000 in bonds, certificates of obligation, and equipment notes f...

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