City of Dallas - File #: 23-242

• File #: 23-242
• Version: 1
• Type: CONSENT AGENDA
• Status: Approved
• File created: 1/9/2023
• In control: City Controller's Office
• On agenda: 2/8/2023
• Title: A resolution authorizing the preparation of plans and the payment of potential future costs and expenses for the issuances of (1) General Obligation Refunding and Improvement Bonds, Series 2023A in an amount not to exceed $455,880,000; and (2) Combination Tax and Revenue Certificates of Obligation, Series 2023 in an amount not to exceed $61,500,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
• Indexes: 100

STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: February 8, 2023
COUNCIL DISTRICT(S): All
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT

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A resolution authorizing the preparation of plans and the payment of potential future costs and expenses for the issuances of (1) General Obligation Refunding and Improvement Bonds, Series 2023A in an amount not to exceed $455,880,000; and (2) Combination Tax and Revenue Certificates of Obligation, Series 2023 in an amount not to exceed $61,500,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)

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BACKGROUND

Pursuant to elections held in November 2017, the residents of Dallas voted and authorized the City to issue general obligation bonds for the purpose of providing funds for permanent public improvements. The adopted FY 2022-23 capital budget assumed the issuance of approximately $372.7 million in General Obligation bonds and $116.0 million in Certificates of Obligation in FY 2022-23. The City's financial advisors, PFM Financial Advisors LLC, recommend: (1) the issuance of General Obligation Refunding and Improvement Bonds, Series 2023A 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; and (2) issuance of Combination Tax and Revenue Certificates of Obligation, Series 2023 to finance street improvements, in an amount not to exceed $61,500,000.

The City's financial advisors recommend collectively issuing up to $517,380,000 in bonds and certificates of obligation for the purpose of funding capital improvements, refunding outstanding obligations for savings, and repairing structural damage to the City. The issuance and sale of the bonds and certificates of obligation is contingent upo...