CC MEETING: April 21, 2020
DATE: April 14,2020
TO: Erin Rinehart, City Manager
FROM: Robert B. Scott, Assistant City Manager and Chief Financial Officer
Title
Consider All Matters Incident And Related To The Issuance Of “City Of Carrollton, Texas, General Obligation Bonds, Series 2020”; Levying a Continuing Direct Annual Ad Valorem Tax For The Payment Of Said Bonds; And Resolving Other Matters Incident And Related To The Issuance, Sale, Payment, And Delivery Of Said Bonds; Establishing Procedures For The Sale And Delivery Of The Bonds; And Delegating Matters Relating To The Bonds; And Delegating Matters Relating To The Sale And Issuance Of The Bonds To Authorized City Representatives.
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BACKGROUND:
The City plans to price via negotiated sale approximately $24,253,440, including premium, of the Series 2020 General Obligation Bonds during the week of May 11 through May 15, 2020. The new improvement bonds are being issued to provide funds for street and traffic improvements in the amount of $21,200,00; park improvements in the amount of $2,450,00; and public safety facilities in the amount of $350,000 and to pay estimated costs of issuance and underwriter’s discount of $253,440.
FINANCIAL IMPLICATIONS:
The Bonds are tax-supported debt. All costs of issuance will be paid from the proceeds from the issuance of the bonds. Bonds will be subject to arbitrage law. Issuance of the Series 2020 G.O. bonds will assist the City in the continuation of the capital improvement program.
STAFF RECOMMENDATION/ACTION DESIRED:
Consider all matters incident and related to the issuance and sale of “City of Carrollton, Texas, General Obligation Bonds, Series 2020”, including the adoption of an ordinance authorizing the issuance of such bonds, establishing parameters for the sale and issuance of such bonds and delegating certain matters to an authorized representative of the City.