CC MEETING: May 20, 2025
DATE: April 25, 2025
TO: Erin Rinehart, City Manager
FROM: Diana K. Vaughn, CFO
Chrystal Davis, Assistant City Manager
Title
Consider An Ordinance of the City Council of the City of Carrollton, Texas, Authorizing the Issuance of "City of Carrollton, Texas, General Obligation Bonds, Series 2025"; Levying a Continuing Direct Annual Ad Valorem Tax for the Payment of Said Bonds; 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; Delegating Matters Relating to the Sale and Issuance of the Bonds to Authorized City Representatives; and Providing for an Effective Date.
Body
BACKGROUND:
The City plans to issue General Obligation Bonds, Series 2025 (the "Bonds") the week of June 9th via a competitive sale. The Bonds will be issued to fund approximately $33,000,000 of capital projects approved by voters at the November 2022 election and pay the cost of issuing the Bonds. Funds are estimated to be allocated for street improvements in the amount of $26,300,000; park improvements in the amount of $5,700,000; and public safety improvements in the amount of $1,000,000. Estimated costs of issuing the Bonds is $375,000.
FINANCIAL IMPLICATIONS:
Issuance of the Bonds will assist the City in the continuation of the capital improvement program. The Bonds are tax-supported debt and will be subject to arbitrage law. All costs of issuance will be paid from the proceeds from the issuance of the Bonds.
IMPACT ON COMMUNITY SUSTAINABILITY:
This bond issuance supports and aligns with the City Council's goals and objectives to properly manage infrastructure with fiduciary care and improves the City's financial position and sustainability.
STAFF RECOMMENDATION/ACTION DESIRED:
Consider An Ordinance of the City Council of the City of Carrollton, Texas, Authorizing the Issuance of "City of Carrollton, Texas, General Obligation Bond...
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