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File #: 20-188    Version: 1 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 of the City Council of the City of Dallas, Texas, authorizing the publication of Notice of Intention to Issue Certificates of Obligation; approving the preparation of a preliminary official statement and a Notice of Sale; and providing for the effective date thereof - Financing: No cost consideration to the City
Indexes: 100
Attachments: 1. Resolution, 2. Exhibit A
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):                     All

DEPARTMENT:                     City Controller’s Office

EXECUTIVE:                     Elizabeth Reich

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SUBJECT

 

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A resolution of the City Council of the City of Dallas, Texas, authorizing the publication of Notice of Intention to Issue Certificates of Obligation; approving the preparation of a preliminary official statement and a Notice of Sale; and providing for the effective date thereof - Financing: No cost consideration to the City

 

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BACKGROUND

 

The City's financial advisors recommend the issuance of certificates of obligation to finance restoration and capital improvements of City facilities damaged by severe storms, in an amount not to exceed $16,000,000. Federal tax regulations allow for the reimbursement of capital expenditures from bond or short-term debt proceeds. These regulations can be used to begin implementation prior to issuance of bonds or commercial paper.

 

Additionally, State law requires City Council approval of a Notice of Intention to Issue Certificates of Obligation under and pursuant to the provisions of the Texas Local Government Code, Section 271.049, as amended.

 

Passage of this resolution will authorize the publication of the Notice of Intention to Issue Certificates of Obligation and allow for expenditures in advance of the certificates of obligation, scheduled in April 2020.

 

ESTIMATED SCHEDULE OF PROJECT

 

Authorize Preparation for Issuance of Bonds                     February 2020

Authorize Notice of Intent                     February 2020

Approval of Parameters Ordinances                     April 2020

Pricing                     April 2020

Delivery of Proceeds                     May 2020

 

PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)

 

City Council will be briefed by memorandum regarding this matter on February 7, 2020.

 

FISCAL INFORMATION

 

No cost consideration to the City.