Title
Ordinance – An Ordinance of the City Council of the City of Mansfield, Texas Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2025, in the Aggregate Principal Amount of Not to exceed $145,000,000; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Authorizing the Execution and Delivery of Bond Purchase Agreement, Paying Agent/Registrar Agreement, and a Bond Counsel Engagement Letter; Approving the Official Statement; and Enacting Other Provisions Relating Thereto
Requested Action
The City Council ratifies 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 9, 2024 for purpose of (i) designing, developing, constructing, improving, repairing, extending, and expanding streets, thoroughfares, and bridges, including streetscaping, related storm drainage improvements, signalization and other traffic controls, sidewalks, street lights and the acquisition of any right of way therefor; (ii) designing, constructing, renovating, improving and equipping fire department facilities, including of Fire Station #1 and a logistics and storage building; (iii) acquiring vehicles and equipment of fire, police, public works, code compliance, and facilities management, including an ambulance and a quint fire truck; (iv) designing, constructing, renovating, improving, and equipping land and facilities for park, open space, and recreations purposes, including the Mansfield Sports Park and Geyer Commons, and acquiring land therefor; (v) designing, constructing, and equipping a new city hall for housing government functions of the City; (vi) professional services incurred in connection with items (i) through (v); (vi) paying the costs incurred in connection with issuance of the Certificates.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the capital planning process in fiscal year 2025, the City established a capital program for fiscal year 2025 and beyond. Discussion occurred regarding prioritization of projects and funding of the projects.
Justification
The funds will be used to improve streets and roadways within the City and provide the necessary funding for the construction of an administrative facility, a fire station, equipment for various city departments, park land, Geyer Commons construction, and the renovation of the Mansfield Sports Park along with the design of a Fire logistics and storage building.
Funding Source
Ad Valorem taxes: the cost of this issuance is not expected to raise the tax rate.
Prepared By
Troy Lestina, Deputy City Manager/CFO; 817-276-4258