STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: October 27, 2021
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 City of Dallas, Texas, General Obligation Refunding and Improvement Bonds, Series 2021 in an aggregate principal amount not to exceed $275,125,000; (2) levying a tax in payment thereof; (3) awarding the sale thereof and approving execution of a Purchase Agreement, a Deposit Agreement and an Escrow Agreement; (4) approving the official statement; (5) enacting other provisions relating to the subject; and (6) declaring an effective date - Not to exceed $829,689 - Financing: 2021 General Obligation Refunding and Improvement Bond Fund
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BACKGROUND
On August 25, 2021, City Council authorized the preparations of plans and the payment of potential future costs and expenses for the issuances of General Obligation Refunding and Improvement Bonds, Series 2021, in an amount not to exceed $275,125,000 to refund eligible General Obligation Bonds, Series 2012 for savings and outstanding commercial paper used to finance voter-approved capital improvement projects. 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 General Obligation Refunding and Improvement Bonds, Series 2021 in an amount not to exceed $275,125,000, to refund eligible outstanding General Obligation debt and commercial paper. This ordinance authorizes City staff and financial advisors, subject to parameters, to issue City of Dallas, General Obligation Refunding and Improvement Bonds, Series 2021 in a competitive sale scheduled ...
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