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
Tota...
Click here for full text