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File #:
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15-1541
Version:
1
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Name:
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Resolution - A Resolution Relating to the City’s Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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10/12/2015
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Final action:
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10/12/2015
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Title:
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Resolution - A Resolution Relating to the City’s Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
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Attachments:
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1. Resolution
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Title
Resolution - A Resolution Relating to the City’s Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
Requested Action
The City Council ratify a resolution giving notice of intent to issue Combination Tax and Revenue Certificates of Obligation. The notice is to announce to the public that the City will be issuing bonds on December 14, 2015 for purpose of improving the City’s street infrastructure, and other infrastructure improvements surrounding the Fieldhouse Project.
Recommendation
Staff recommends the approval of the Resolution.
Description/History
During the fiscal year of 2015, the City established capital program priorities for fiscal year 2016. Much discussion occurred regarding the prioritization of funding and it was determined that the City’s Street Program and related infrastructure needed funding to continue improving the circulation of traffic within the City, and that infrastructure improvements are needed surrounding the Fieldhouse to address the potential development of the property surrounding the Fieldhouse. The issuance of bonds is for the purpose of improving the City’s transportation infrastructure and preparing the surrounding land of the Fieldhouse with public infrastructure for other development.
Street Improvements - $12,070,000
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Cedar St. (Palm to Magnolia)/Laurel Ct |
$550,000 |
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Magnolia St. (Broad to Shady Valley) |
610,000 |
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Short St. |
285,500 |
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Main to FM 157 Connector/Russell - Design/ROW |
300,000 |
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Walnut Creek/Pleasant Ridge Rt Turn Lane |
300,000 |
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S.H. 360 Bridge Participation |
6,000,000 |
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Traffic Signal Implementation (City Wide) |
950,000 |
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Misc. Overlays |
1,000,000 |
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Mouser Way Construction |
854,500 |
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FM 917 Landscaping |
200,000 |
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Price Road |
370,000 |
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E. Broad Landscaping |
200,000 |
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Street Lights (FM 917/Heritage) |
450,000 |
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Project Totals |
$12,070,000 |
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Other Infrastructure- $3,500,000
The total anticipated cost of these projects is $15,570,000. The City has provided for an allowance or a sum of money for the cost of issuance included in the notice of intent to issue. Expected cost of issuance is $315,000 bringing the total expected issuance to $15,885,000. Final action of the proposed issuance is scheduled for the regularly scheduled City Council meeting on December 14, 2015.
Justification
The funds will be used to improve traffic circulation within the City and to prepare the land surrounding Fieldhouse with the necessary infrastructure to improve the surrounding land for future development.
Funding Source
Ad Valorem taxes; the cost of this issuance is not expected to raise the tax rate.
Prepared By
Peter Phillis, CPA, Director of Business Services, Business Services Department
817-276-4261
Exhibit - Other Issuances
The sale of bonds or issuance of bonds will occur on December 14, 2015. The City will issue the following amounts.
City of Mansfield, Texas
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General Fund |
Amount |
Total by Fund |
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Streets |
$12,070,000 |
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Other - 287/Broad Infrastructure Improvements |
$3,500,000 |
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Library |
$1,535,000 |
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Subtotal |
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$17,105,000 |
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Water & Sewer Fund |
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Southwest Elevated Storage Tower - 2 MG |
$5,500,000 |
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20”, 16”, and 12” Water Lines on Main Street & 287 |
$1,500,000 |
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Subtotal |
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$7,000,000 |
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Mansfield Parks Facility Development Corp. |
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Fieldhouse |
$12,000,000 |
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Linear Trial - Pond Branch |
$3,400,000 |
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Subtotal |
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$15,400,000 |
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Total Financed Project Costs |
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$39,505,000 |
Note: Amounts exclude cost associated with issuance.
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