STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: March 27, 2024
COUNCIL DISTRICT(S): All
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 2024B in an aggregate principal amount not to exceed $218,000,000; (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 $866,009 - Financing: 2024B Certificates of Obligation Fund
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BACKGROUND
On January 24, 2024, the City Council authorized the preparations of plans and the payment of future costs and expenses for the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2024B (the "Series 2024B Bonds Certificates"), in a total amount not to exceed $218,000,000 to finance 2017 Bond Program cost overruns, pursuant to the authority granted by Subchapter C of Chapter 271, Texas Local Government Code (the "Certificate of Obligation Act of 1971"). Further, on January 24, 2024, the City Council authorized the publication of Notice of Intent to issue the 2024B Certificates.
As such, the City's co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., recommend the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2024B, in an amount not to exceed $218,000,000 via a competitive sale.
This ordinance authorizes City staff and financial advisors, subject to parameters, to competitively bid the sale and issuance of City of Dallas, Combination Tax and Revenue Certificates of Obligation, Series 2024B, tentatively scheduled in April 2024.
ESTIMATED SCHEDU...
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