STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: October 26, 2022
COUNCIL DISTRICT(S): All
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT
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Ordinance authorizing the issuance and sale of City of Dallas, Texas Waterworks and Sewer System Revenue Bonds, Series 2022C, in the amount of $114,800,000 to the Texas Water Development Board; awarding the sale of the bonds; approving the execution of agreements in connection with the sale of the bonds; and all other matters related thereto - Not to exceed $330,050 - Financing: Dallas Water Utilities Fund
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BACKGROUND
The State Water Implementation Fund for Texas (SWIFT) was created in 2013 by the Texas Legislature to provide affordable financial assistance for projects in the state water plan. The program provides low-cost financial assistance for planning, design, and construction to political subdivisions for State Water Plan Projects via the State Water Implementation Revenue Fund for Texas (SWIRFT).
On April 11, 2022, the Texas Water Development Board (TWDB) approved the 2022 SWIFT program prioritization list, amount of funds available, and terms of subsidy. Dallas Water Utilities (DWU) had four projects and programs on the prioritization list and received invitations to submit applications for financial assistance through the program.
On April 27, 2022, City Council authorized the City Manager and the Director of Dallas Water Utilities to submit loan applications to the Texas Water Development Board for low-cost financial assistance for planning, design, and construction of projects on the prioritization list. Financial assistance applications for SWIFT projects were submitted by DWU in May 2022. DWU revised the request for funding from TWDB to include two eligible projects representing $80.8 million in planned capital improvements and one multi-year commitment of $170 million to fun...
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