STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: August 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 2020A in an amount not to exceed $232,000,000; (2) General Obligation Refunding Bonds, Taxable Series 2020B in an amount not to exceed $80,000,000; and (3) Equipment Acquisition Contractual Obligation Notes, Series 2020B in an amount not to exceed $28,000,000 - 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 $232.4 million in General Obligation bonds and $30.0 million in equipment acquisition notes in FY 2019-20. In June 2020, the City issued $29.7 million in Equipment Acquisition Contractual Obligations, Series 2020 to finance the purchase of City equipment and $16 million in Combination Tax and Revenue Certificates of Obligation, Series 2020 to finance the restoration of damages to City facilities following severe storms.
As continued funding for the 2017 Bond Program, the City's Financial Advisors, PFM Financial Advisors LLC, recommend: (1) issuance of refunding and improvement bonds to refund outstanding commercial paper and finance capital improvement projects at the City, in an amount not to exceed $232,000,000; (2) issuance of refunding taxable bonds to refund outstanding refundable bonds in an amount not to exceed $80,000,000; and (3) the issuan...
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