Title
Ordinance - An Ordinance Of The City Of Mansfield, Texas, Authorizing The Issuance And Sale Of City Of Mansfield, Texas Combination Tax And Revenue Certificates Of Obligation, Series 2014A; Levying A Tax In Payment Thereof; Prescribing The Form Of Said Certificates; Approving A Purchase Agreement; Approving The Official Statement; And Enacting Other Provisions Relating To Thereto
Requested Action
The City Council of the City of Mansfield, Texas, adopt an Ordinance Authorizing the Issuance and Sale of Bonds, Series 2014A, for the purpose of Street Improvements and Public Safety in the City of Mansfield, Texas.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
The City is issuing the remaining amount of the expected issuance of bonds for the purpose of improving the City's street infrastructure and improving the emergency vehicle fleet of the City's Fire Department. The City has already issued $16,500,000 in bonds for the purposes of street improvements and public safety improvements. This issuance, $1,255,000 will complete the remaining issuance of the total expected issuance of $17,755,000 in bonds.
Justification
This issuance will allow for the completion of the funding for the expected improvements in the City's Street Program and allow for the expected purchase of an emergency vehicle for the City's Public Safety Program.
Funding Source
The City of Mansfield, Texas as defined by Ordinance - General Fund.
Prepared By
Peter Phillis, CPA, Director of Business Services
817-276-4261