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File #: 15-1541    Version: 1 Name: Resolution - A Resolution Relating to the City’s Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
Type: Resolution Status: Passed
File created: 10/2/2015 In control: City Council
On agenda: 10/12/2015 Final action: 10/12/2015
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
Sponsors: Peter Phillis
Attachments: 1. Resolution

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

Cedar St. (Palm to Magnolia)/Laurel Ct

                 $550,000

Magnolia St. (Broad to Shady Valley)

                   610,000

Short St.

                   285,500

Main to FM 157 Connector/Russell - Design/ROW

                   300,000

Walnut Creek/Pleasant Ridge Rt Turn Lane

                   300,000

S.H. 360 Bridge Participation

                6,000,000

Traffic Signal Implementation (City Wide)

                   950,000

Misc. Overlays

                1,000,000

Mouser Way Construction

                   854,500

FM 917 Landscaping

                   200,000

Price Road

                   370,000

E. Broad Landscaping

                   200,000

Street Lights (FM 917/Heritage)

                   450,000

Project Totals

            $12,070,000

 

 

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

General Fund

Amount

Total by Fund

Streets

      $12,070,000

 

Other - 287/Broad Infrastructure Improvements

        $3,500,000

 

Library

        $1,535,000

 

Subtotal

 

$17,105,000

 

 

 

 

 

 

 

 

 

Water & Sewer Fund

 

 

Southwest Elevated Storage Tower - 2 MG

        $5,500,000

 

20”, 16”, and 12” Water Lines on Main Street & 287

         $1,500,000

 

Subtotal

 

$7,000,000

 

 

 

Mansfield Parks Facility Development Corp.

 

 

Fieldhouse

       $12,000,000

 

Linear Trial - Pond Branch

        $3,400,000

 

Subtotal

 

$15,400,000

 

 

 

Total Financed Project Costs

 

$39,505,000

 

 

Note: Amounts exclude cost associated with issuance.