Title
Resolution - Taking Action on a Resolution Relating to the Giving of Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, and Declaring Intent to Reimburse Certain Prior Capital Cost
Requested Action
The City Council adopt a resolution giving notice of intent to issue Combination Tax and Revenue Certificates of Obligation. The notice is to announce to the public that the City will be issuing bonds on December 8, 2014 for purpose of improving the City’s street infrastructure and acquiring capital equipment to meet the current and future needs of the City.
Recommendation
Staff recommends the approval of the Resolution
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 - $15,593,350
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) ...
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