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 2014; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Approving a Purchase Agreement; Approving the Official Statement and an Engagement Letter; and Enacting other Provisions Relating to the Subject
Requested Action
The City Council of the City of Mansfield, Texas, adopt an Ordinance Authorizing the Issuance and Sale of Bonds, Series 2014, for the purpose of Street Improvements and Public Safety in the City of Mansfield, Texas.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the annual budget process for Fiscal Year 2014, the City reviewed the priorities of several 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 during these meetings that the City's Street Program needed funding to continue improving the circulation of traffic within the City; and that the City's Public Safety Department needed infrastructure for training and responding to the community's needs of the public safety. This issuance of bonds is for the purpose of improving the City's street infrastructure, and improving the infrastructure of the public's Safety department. Detailed discussion of amounts and the allocation of dollars to specific improvements are as follows:
Street Improvements - $6,800,000
Broad - Wisteria Signal
Clover Hill Road
Country Club, Cypress, Kingston and Pinehurst Courts
Debbie Lane Median (FM 157 to Business 287)
Debbie/US 287 Intersection Design,
Fox Hollow
Ft. Worth Street
Hamil/Hillcrest St., E Dallas to Kay Lynn
N Mitchell Road
Prarieview Drive (Price to Waxahachie & S. Waxahachie (Sherman to new concrete)
Price Road (Dallas to Main)
South Heritage
Towne Crossing-Debbie Lane Signal
Turner Warnell Design
Walnut Creek Drive
Further discussion of the nature, timing and extent of improvements can be more defined through discussions with the Engineering Staff.
Public Safety, Land and Building Improvements - $8,730,000
The building improvements are related to the purpose of the expansion of existing City facilities and the construction of a Police Tactical Training Facility.
Land - $3,620,000
Tactical Training Facility - $2,400,000
Dispatch Expansion - $1,200,000
Animal Control Expansion - $1,150,000
Fire Station Number 2 - $ 360,000*
*These funds will be combined with the funds that were issued in the last bond issuance to complete the improvements at Fire Station Number 2.
Equipment - $1,952,889
Police Patrol Cars (7) - $ 235,685
Ambulance - $ 368,000
Fire Truck - $1,107,000
Public Works Dump Trucks (3) - $ 242,204
The total anticipated cost of these projects is $17,755,000 including issuance costs.
On October 14, 2013, the City of Mansfield, Texas noticed its intent to issuance these bonds for said purposes.
Justification
The City of Mansfield, Texas is creating opportunities for thoroughfare improvements within the City of Mansfield, Texas and providing continued Public Safety services through the use of improving new facilities and equipment.
Funding Source
The City of Mansfield, Texas as defined by Ordinance - General Fund.
Prepared By
Peter K. Phillis, CPA
Director of Business Services
Business Services Department
817-276-4261