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File #: 20-3749    Version: 1 Name: Ordinance - An Ordinance of the City of Mansfield, Texas Approving and Authorizing a First Amendment to Ordinance No. 2162-20 Authorizing the City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2020 and Resolving Other
Type: Ordinance Status: Passed
File created: 9/10/2020 In control: City Council
On agenda: 9/14/2020 Final action: 9/14/2020
Title: Ordinance - An Ordinance of the City of Mansfield, Texas Approving and Authorizing a First Amendment to Ordinance No. 2162-20 Authorizing the City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2020 and Resolving Other Matters Relating Thereto
Sponsors: Joe Smolinski, Peter Phillis
Attachments: 1. Ordinance

Title

Ordinance - An Ordinance of the City of Mansfield, Texas Approving and Authorizing a First Amendment to Ordinance No. 2162-20 Authorizing the City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2020 and Resolving Other Matters Relating Thereto 

 

Requested Action

Approve the Ordinance

 

Recommendation

Approve the Ordinance

 

Description/History

On Monday, July 20, 2020, the City Council of Mansfield,  Texas,  met  to  discuss  Capital  Improvement Plan and the Preliminary Budget for fiscal year ending September 30,  2021.  City  Council along with City Staff discussed various methods for funding the  upcoming  Capital Improvement Plan  for  fiscal  year  2021.  Much  discussion  occurred  about   the   Capital Improvement Program, how to fund  the  program  and  unused  bond  proceeds. It  was  concluded with final action by the City to repurpose unused bond proceeds for shovel ready projects. This ordinance allows the City to clarify and repurpose the use of these unused proceeds for the purpose of making improvements within the fiscal year 2021.

 

List of Capital Projects:

$1,214,720 Capital Equipment - Fire Truck & Permit System

$100,000 Pond Street; CDBG

$482,200 Traffic Signal - FM157 @ Watson Branch

$150,000 Misc. Concord (Country Club to Stratford)

$250,000 Turner Warnell Median Imp. (FM157 to Callender)

$3,000,000 Joint Fire & PD Training Facility

$1,000,000 Walnut Creek Linear Trail Phase 3A - Sand Volleyball

$700,000 McClendon Park East - West Improvements - Splash Pad

$600,000 Skinner Sports Complex Parking - Road Widening

 

Justification

There  has  been  considerable  discussion  and  deliberation  with  regard  to  the  use  of  existing bond proceeds that have not been spent from prior issuances. This action allows  the  City  to repurpose the use of the unused bond proceeds. The  effect  of  the  repurposed  unused  bonds  allows the  City  to  postpone  an  expected  debt  issuance  this  fall  which  creates   additional financial flexibility for the City in managing its financial resources.

 

This action officially repurposes the bonds for additional uses above listed.

 

Funding Source

N/A

 

Prepared By

Peter Phillis, Deputy City Manager

817-276-4261