STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: April 12, 2023
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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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 2023 in an aggregate principal amount not to exceed $455,880,000; (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 $1,040,000 - Financing: 2023 General Obligation Refunding and Improvement Bond Funds
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BACKGROUND
On February 8, 2023, the 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 2023 (the "Series 2023 Bonds"), in a total amount not to exceed $455,880,000, to refund outstanding commercial paper and up to $81,880,000 of eligible Series 2013A obligations, and to finance capital improvement projects at the City, in an amount not to exceed $374,000,000. 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 2023 in an amount not to exceed $455,880,000, to finance capital projects included in the 2017 Bond Program, and to refund eligible outstanding General Obligation debt and commercial paper via a negotiated sale. The underwriter syndicate for the negotiated sal...
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