Title
Ordinance - An Ordinance of the City Council of the City of Mansfield, Texas Authorizing the Issuance and Sale of City of Mansfield, Texas General Obligation Refunding Bonds, Series 2025, in the Aggregate Principal Amount of Not to exceed $13,035,000; 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, and a Bond Counsel Engagement Letter; Approving the Official Statement; and Enacting Other Provisions Relating Thereto
Requested Action
The notice is to announce to the public that the City will be issuing bonds on December 9, 2024, 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 therefore, (ii)refunding a portion of the City’s outstanding debt described in Schedule I - Schedule of Refunded Obligations (the “Refunded Obligations”) in order to lower the overall debt requirements of the City; and (ii) paying the costs incurred in connection with the issuance of the Bonds.
Recommendation
Staff recommends the approval of the Ordinance to refund the outstanding bonds for the purpose of refinancing the bonds for debt service coverage and for the continued work on the Mansfield Linear Park Trial Network as approved by the voters in the May 2022 bond election.
Description/History
The City has determined that it is economically feasible to issue new bonds to pay off old bonds for debt service savings. The savings will amount to approximately $900,000 or an average annual savings of $90,000 per year, 2026- 2035.
The outstanding bonds have a par amount of $11,300,000, Series 2016 CO & GO bonds, will be refunded/refinanced with new bonds in the par amount of $10,410,000. The existing term of the prior debt is not being extended. The estimated average interest rate of the Series...
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