Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas Expressing the Intent to Finance Capital Expenditures with the Proceeds of Future Debt Obligations for the Purpose of Funding Public Improvements and the Acquisition of Computer Equipment and Software
Requested Action
Authorize by approval the resolution the reimbursement of funds from future debt obligations to enable the City to begin the planning, designing, acquiring, constructing of public improvements and the acquisition of computer equipment and software.
Recommendation
Staff recommends that the City Council of the City of Mansfield, Texas approve of the resolution expressing intent to finance capital expenditures with future debt obligations.
Description
During the discussions of the roadway capital plan for fiscal year 2022 and beyond, the City staff and the City Council reviewed the roadway capital plan needs for the City. Many roadway capital plans were identified and discussed. City staff and City Council agreed to prioritize the roadway improvements based upon the needs of the City over the next several years. The City Council and Staff agreed to move forward with funding a list of projects over the next year.
The approval of this resolution allows the City to spend current general fund dollars in advance of receiving the bond proceeds for purpose funding the listed projects. The City of Mansfield will be issuing debt to repay the General Fund for the costs incurred to begin the improvements. The improvements listed are not a complete a list of the expected improvements.
Justification
The funds will be used to make improvements to the City thoroughfare system along with upgrading the City’s Finance and H/R computer and software systems.
Funding Source
General Fund Ad Valorem Taxes - Debt Service Fund
Prepared By
Troy Lestina, 817-276-4258