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, Combination Tax and Revenue Certificates of Obligation, Series 2023 in an aggregate principal amount not to exceed $61,500,000; (2) levying a tax in payment thereof; (3) prescribing the form of said certificates; (4) approving and awarding the sale of the certificates and approving execution of a purchase agreement; (5) approving the official statement; and (6) enacting provisions incident and relating to the subject - Not to exceed $235,000 - Financing: 2023 Certificates of Obligation 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 Combination Tax and Revenue Certificates of Obligation, Series 2023 (the "Series 2023 Bonds"), in a total amount not to exceed $61,500,000, to finance street improvements.
As such, the City's financial advisors, PFM Financial Advisors LLC, recommend the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2023, in an amount not to exceed $61,500,000 to finance street improvements via a negotiated sale. The underwriter syndicate for the negotiated sale is in the process of being selected and will be presented to City Council prior to the bond pricing.
This ordinance authorizes City staff and financial advisors, subject to parameters, to issue City of Dallas, Combination Tax and Revenue Certificates of Obligation, Series 2023 in a negotiated sale, tentatively scheduled in May 2023.
ESTIMATED SCHEDULE OF PROJECT
Authorize Preparation for Issuance of Bonds February 2023
Authorize Notice of Intent February 2023
Approval of Parameters Ordinances ...
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