STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: April 8, 2020
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Elizabeth Reich
______________________________________________________________________
SUBJECT
title
An ordinance authorizing (1) the issuance of Equipment Acquisition Contractual Obligations, Series 2020 in an aggregate principal amount not to exceed $33,000,000; (2) levying a tax in payment thereof; (3) approving and awarding the sale thereof and approving execution of a purchase agreement; (4) approving the official statement; (5) and enacting other provisions relating to the subject - Not to exceed $145,000 - Financing: 2020 Equipment Acquisition Notes Funds
body
BACKGROUND
The adopted FY 2019-20 capital budget assumed the issuance of approximately $30 million in equipment acquisition notes in FY 2019-20. Chapter 271 of the Texas Local Government Code, Subchapter A, allows for the purchase or other acquisition or the use of property by governmental agencies and the financing of those activities necessary to the efficient and economic operation of government. As such, to purchase necessary equipment to maintain City services, the City's financial advisors, PFM Financial Advisors LLC, recommend the issuance of equipment acquisition notes (contractual obligations) to finance the purchase of City equipment, in an amount not to exceed $33,000,000.
This ordinance authorizes City staff and financial advisors, subject to parameters, to issue City of Dallas, Texas, Equipment Acquisition Contractual Obligations, Series 2020.
ESTIMATED SCHEDULE OF PROJECT
Authorized Preparation for Issuance of Bonds December 2019
Approval of Parameters Ordinance April 2020
Pricing April 2020
Delivery of Proceeds May 2020
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
Information about this item was provided to City Council by memorandum on February 7, 2020.
On February 12, 2020, City Council authoriz...
Click here for full text