Title
Ordinance - An Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas General Obligation Refunding and Improvement Bonds, Series 2022, in the Aggregate Principal Amount of Approximately $13,440,000; Levying a Tax in Payment Thereof; Prescribing the Form of Said Bonds; Authorizing the Execution and Delivery of a Bond Purchase Agreement, A Paying Agent/Registrar Agreement, an Escrow Agreement and a Bond Counsel Engagement Letter; Approving the Official Statement; and Enacting Other Provisions Relating Thereto
Requested Action
The City Council approve an ordinance authorizing the issuance and sale of General Obligation Refunding and Improvement Bonds. The notice is to announce to the public that the City will be issuing bonds on December 8, 2022, for purpose of: (i) acquiring, designing, constructing, expanding, and equipping the Mansfield Linear Park Trail Network, including Walnut Creek Linear Park and Pond Branch Linear Park, and the acquisition of land therefor; (ii) refunding the Refunded Obligations; and (iii) paying the costs associated with the issuance of the Bonds.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
A bond election occurred in May 2022 and the voters approved this proposition. This is approximately half of the $10.5 million bond proposition.
Justification
The funds will be used to design, expand, construct the Mansfield Linear Park along with refunding general obligation debt that is callable.
Funding Source
Ad Valorem taxes: the cost of this issuance is not expected to raise the tax rate.
Prepared By
Troy Lestina, Director of Finance; 817-276-4258