STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: January 25, 2023
COUNCIL DISTRICT(S): All
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
______________________________________________________________________
SUBJECT
title
An ordinance authorizing the issuance and sale of City of Dallas, Texas Waterworks and Sewer System Revenue Refunding Bonds, Series 2023A in a principal amount not to exceed $200,000,000; establishing parameters regarding 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 $613,650.00 - Financing: Dallas Water Utilities Fund
body
BACKGROUND
This proposed revenue bond sale is for the purpose of refunding and retirement of commercial paper notes issued for interim financing of improvements to the City's water and wastewater system, in accordance with the capital program for water and wastewater improvements and the Fiscal Year 2022-23 operating and capital budgets for the Water Utilities Department. Currently, the estimated amount of commercial paper outstanding to be refunded at the time of pricing is approximately $180,000,000, a reduction from $190,000,000, the issuance amount initially planned and authorized by City Council. At the advisement of the City's Co-Financial Advisors, Hilltop Securities, Inc. and Estrada Hinojosa, the bonds will be issued via a negotiated sale.
On November 29, 2022, the City issued a Request for Proposals for Waterworks and Sewer System Revenue Refinancing underwriting from the pool of qualified firms and received 22 proposals in response. To accommodate this transaction, the City's co-financial advisors recommended a syndicate of eight underwriting firms; comprised of a mix of national and regional firms, two Minority Women-owned Business Enterprises (M/WBE) firms, and one veteran owned firm. Following review by the procurement selection committee, the City plans...
Click here for full text