Title
CONSIDER AND TAKE ACTION ON AN ORDINANCE OF THE CITY OF MANSFIELD, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF MANSFIELD, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 2009; IN THE APPROXIMATE AGGREGATE PRINCIPAL AMOUNT OF $2,500,000; PROVIDING FOR THE SECURITY FOR AN PAYMENT OF SAID BONDS; APPROVING THE OFFICIAL STATEMENT; APPROVING AN ENGAGEMENT LETTER APPROVING EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT; AND ENACTING OTHER PROVISIONS RELATING THERETO
Requested Action
Approve the Ordinance authorizing the issuance of Waterworks and Sewer System Revenue Bonds, Series 2009.
Recommendation
Staff recommends that Council approve the Ordinance authorizing the issuance of Waterworks and Sewer System Revenue Bonds, Series 2009.
Description/History
The City will use the Waterworks and Sewer System Revenue Bonds, Series 2009, to provide funds for constructing, acquiring and installing additions, improvements and extension to the System and paying the costs of issuing the bonds.
Justification
To improve and expand the Waterworks and Sewer system.
*The final amount of the issuance will be determined at the time of selling of the bonds. Typically the transaction will adjust according to the pricing of the bonds compared to the market at the time of selling the bonds. Final documentation/paperwork will be available Monday.
Funding Source
Water and Sewer Revenues
The Official Statement can be accessed at
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Prepared By
Peter K. Phillis, CPA
Director of Business Services
Business Services Department