Title
Ordinance - Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2016; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Approving Execution and Delivery of a Purchase Agreement; Approving the Official Statement; Approving an Engagement Letter; and Enacting Other Provisions Relating Thereto
Requested Action
The City Council of the City of Mansfield, Texas, adopt an Ordinance authorizing the issuance and Sale of Bonds, Series 2016, for the purpose of street improvements and capital equipment in the City of Mansfield, Texas.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the fiscal year of 2015, the City established capital program priorities for fiscal year 2016. Much discussion occurred regarding the prioritization of funding and it was determined that the City’s Street Program and related infrastructure needed funding to continue improving the circulation of traffic within the City, and that infrastructure improvements are needed surrounding the Fieldhouse to address the potential development of the property surrounding the Fieldhouse. The issuance of bonds is for the purpose of improving the City’s transportation infrastructure and preparing the surrounding land of the Fieldhouse with public infrastructure for future development.
Street Improvements - $12,070,000
Cedar St. (Palm to Magnolia)/Laurel Ct $550,000
Magnolia St. (Broad to Shady Valley) 610,000
Short St. 285,500
Main to FM 157 Connector/Russell - Design/ROW 300,000
Walnut Creek/Pleasant Ridge Rt Turn Lane 300,000
S.H. 360 Bridge Participation 6,000,000
Traffic Signal Implementation (City Wide) 950,000
Misc. Overlays 1,000,000
Mouser Way Construction 854,500
FM 917 Landscaping 200,000
Price Road 370,000
E. Broad Landscaping 200,000
Street Lights (FM 917/Heritage) 450,000
Project Totals $12,070,000
Other Infrastructure-...
Click here for full text