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
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SUBJECT
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An ordinance authorizing (1) the issuance of Combination Tax and Revenue Certificates of Obligations, Series 2020 in the aggregate principal amount not to exceed $16,000,000; (2) levying a tax in payment thereof; (3) prescribing the form of said certificates; (4) approving and awarding the sale of the certificates and approving execution of a purchase agreement; (5) approving the official statement; (5) and enacting other provisions relating to the subject - Not to exceed $110,000 - Financing: 2020 Certificates of Obligation Funds
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BACKGROUND
On February 12, 2020, City Council authorized the preparations of plans and the payment of potential future costs and expenses for the issuances of Certificates of Obligation, Series 2020 in an amount not to exceed $16,000,000 to finance restoration of City facilities damaged by severe storms; and publication of Notice of Intention to Issue Certificates of Obligation, pursuant to the provisions of the Texas Local Government Code, Section 271.049, as amended. 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.
As such, the City's financial advisors, PFM Financial Advisors LLC, recommend the issuance of certificates of obligation in an amount not to exceed $16,000,000, to finance restoration of City facilities damaged by severe storms. This ordinance authorizes City staff and financial advisors, subject to parameters, to issue City of Dallas, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2020.
ESTIMATED SCHEDULE OF PROJECT
Authorized Preparation for Issuance of Bonds...
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