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File #:
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16-2137
Version:
1
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Name:
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Ordinance - An Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2017; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Awarding the Sale of t
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Type:
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Ordinance
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Status:
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Passed
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On agenda:
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12/12/2016
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Final action:
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12/12/2016
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Title:
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Ordinance - An Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2017; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Awarding the Sale of the Certificates; Approving the Official Statement; Approving an Engagement Letter; and Enacting Other Provisions Relating Thereto
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Title
Ordinance - An Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2017; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Awarding the Sale of the Certificates; Approving the Official Statement; Approving an Engagement Letter; and Enacting Other Provisions Relating Thereto
Requested Action
Approval of the Ordinance authorizing the issuance of the sale of city of Mansfield, Texas combination tax and revenue certificates of obligation, taxable series 2017 in an aggregate amount not to exceed $19,850,000.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the budget process in fiscal year 2016, the City established a capital program for fiscal year 2017. Discussion occurred regarding the prioritization of projects and funding of City’s Street Program. The funding will continue improving the traffic circulation within the City. Additionally, the City is funding the operating equipment needs of the department. Most of the equipment cost is for public safety - detailed list is attached.
Street and Utility Improvements - $18,350,000
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Debbie Lane |
$3,200,000 |
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Tarrant County CDBG |
400,000 |
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School Flasher System |
250,000 |
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Seeton Bridge at Joe Pool |
100,000 |
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North St. Study at Bridge/RR |
300,000 |
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Day Mair (E. Broad to Seeton) Design/ROW |
1,000,000 |
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Misc. Residential/Intersection Reconstruction |
1,000,000 |
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Holland - Design/ROW |
600,000 |
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Price Road Design |
500,000 |
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S Main-Broad to Hunt |
3,500,000 |
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Turner Warnell Construction |
1,500,000 |
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360 Bridge Participation |
5,000,000 |
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Gas and Electric Utilities |
700,000 |
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Schematic - ROW Russell/Connector |
300,000 |
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Project Totals |
$18,350,000 |
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Police |
Vehicles |
5 |
$307,405 |
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Fire |
Computer Dispatch Map |
1 |
154,000 |
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Fire |
EMD |
1 |
109,000 |
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Fire |
Ambulance |
1 |
250,000 |
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Fire |
Cardiac Monitors |
4 |
168,172 |
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Fire |
Opticom - Fire Station #3 |
1 |
17,156 |
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Fire |
Opticom - Various Locations |
9 |
46,735 |
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Fire |
Vehicles |
1 |
50,400 |
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Information |
Cameras |
1 |
23,509 |
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Information |
New Line Touch Displays |
2 |
24,000 |
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Total |
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$1,150,377 |
Equipment and Streets account for $19,500,377. The Notice of Intent allows for $19,850,000 with the difference being issuance costs.
Justification
The funds will be used to improve traffic circulation within the City and provide the necessary equipment for police and fire operations.
Funding Source
Ad Valorem taxes; the cost of this issuance is not expected to raise the tax rate.
Prepared By
Peter Phillis, Deputy City Manager
817-276-4261
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