Title
Ordinance - An Ordinance Of The City Of Mansfield, Texas, Authorizing The Issuance And Sale Of City Of Mansfield, Texas Combination Tax And Revenue Certificates Of Obligation, Series 2015; Levying A Tax In Payment Thereof; Prescribing The Form Of Said Certificates; Approving A Purchase Agreement; Approving The Official Statement; And Enacting Other Provisions Relating To Thereto
Requested Action
The City Council of the City of Mansfield, Texas, adopt an Ordinance authorizing the issuance and Sale of Bonds, Series 2015, for the purpose of street improvements and capital equipment in the City of Mansfield, Texas.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the annual budget process for Fiscal Year 2015, the City reviewed the priorities of several spending programs of the City and determined that the following projects were of significant priority and would be in need of funding. Much discussion occurred over the prioritization of funding and it was determined in these meetings that the City's Street Program and related infrastructure needed funding to continue improving the circulation of traffic within the City and that equipment and related improvements were needed to maintain the existing service levels with the City. This issuance of bonds is for the purpose of improving the City's transportation infrastructure and maintaining the City's operating equipment and related improvements. Detailed discussion of amounts and the allocation of dollars to specific improvements are as follows:
Street Improvements - $16,093,350
Streets
Debbie-Us 287 Intersection Construction |
$4,250,000 |
Newt Patterson Overlay (North to City Limit) |
1,400,000 |
Matlock-Heritage Signal |
225,000 |
Mouser Way Connection |
650,000 |
Holland Phase I (Grand Meadow to Waterford Glen) |
3,223,350 |
Southpointe (Contract Pending, TIF) |
5,000,000 |
South Main (Broad to Hunt, Design/Downtown) |
750,000 |
Trail and Parking |
595,000 |
Total Projects |
$16,093,350 |
Equipment - $1,752,291
Police $ 662,385
Fire $ 233,178
Information/Technology $ 455,449
Building Inspections $ 91,037
Community Services $ 310,242
Detailed list of the Operating Equipment is attached.
The total anticipated cost of projects and equipment is $18,000,000 including issuance costs.
Contact staff for a copy of the Preliminary Official Statement.
Justification
The funds will be used to improve traffic circulation within the City and purchase operating equipment to maintain existing service levels.
Funding Source
The City of Mansfield, Texas as defined by Ordinance - General Fund.
Prepared By
Peter K. Phillis, CPA, Director of Business Services
817-276-4261