STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: September 23, 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 and sale of Equipment Acquisition Contractual Obligations Notes, Series 2020B in an aggregate principal amount not to exceed $28,000,000; (2) levying a tax in payment thereof; (3) awarding approving the sale thereof; (4) approving an official statement and approving execution of a Purchase Agreement and a Deposit Agreement; (4) approving the official statement; (5) enacting other provisions relating to the subject; and (6) declaring an effective date - Not to exceed $126,667 - Financing: 2020B Equipment Acquisition Notes Funds
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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 (...
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