CC MEETING: May 5, 2015
DATE: April 29, 2015
TO: Leonard Martin, City Manager
FROM: Bob Scott, Assistant City Manager
Title
Discuss Final Results Of The Sale Of City Of Carrollton General Obligation Improvement And Refunding Bonds, Series 2015.
Body
BACKGROUND:
The City completed the negotiated sale the Series 2015 General Obligation Improvement and Refunding Bonds consisting of combined proceeds of $48,990,134, including premiums, on April 22, 2015. The issue consists of $18,841,702 of new improvement bonds and $30,148,432 of refunding bonds. The new improvement bonds are being issued to provide funds for street improvements in the amount of $8,585,000; traffic improvements in the amount of $200,000; drainage improvements in the amount of $3,670,000; Public Safety Facilities Improvements in the amount of $5,000,000; Parks improvements in the amount of $1,220,000; and to pay estimated costs of issuance of $166,702. The refunding bonds will refund $29,375,000 of Series 2005 and 2006 bonds, pay accrued interest and costs of issuance.
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 laws.
IMPACT ON COMMUNITY SUSTAINABILITY:
Issuance of the Series 2015 new improvement bonds will assist the City in the continuation of the capital improvement program. The issuance of the refunding bonds provided a net present value savings of debt service of $3,942,904.
STAFF RECOMMENDATION/ACTION DESIRED:
Receive a briefing from staff on the final results of the bond sale.