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File #:
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16-2082
Version:
1
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Name:
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Resolution - A Resolution Relating to the City’s Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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10/24/2016
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Final action:
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10/24/2016
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Title:
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Resolution - A Resolution Relating to the City's Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
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Attachments:
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1. Resolution
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Title
Resolution - A Resolution Relating to the City's Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation
Requested Action
The City Council ratifies 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 12, 2016 for purpose of improving City's street infrastructure, relocation of gas and electric utility lines for the Fieldhouse, and funding for an ambulance, police cars, and additional operating equipment.
Recommendation
Staff recommends the approval of the resolution.
Description/History
During the budget process in fiscal year 2016, the City established a capital program for fiscal year 2017. Discussion occured regarding the prioritization of projects and funding the City's Street Program. The funding will continue improving the traffic circulation within the City. Additionally, the City is funding the operating equipment needs of the department. Most of the equipment cost is for public safety - detailed list is attached.
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Street and Utility Improvements - $18,350,000 |
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Debbie Lane |
$3,200,000 |
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Tarrant County CDBG |
400,000 |
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School Flasher System |
250,000 |
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Seeton Bridge at Joe Pool |
100,000 |
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North St. Study at Bridge/RR |
300,000 |
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Day Mair (E. Broad to Seeton) Design/ROW |
1,000,000 |
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Misc. Residential/Intersection Reconstruction |
1,000,000 |
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Holland - Design/ROW |
600,000 |
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Price Road Design |
500,000 |
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S Main-Broad to Hunt |
3,500,000 |
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Turner Warnell Construction |
1,500,000 |
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360 Bridge Participation |
5,000,000 |
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Gas and Electric Utilities |
700,000 |
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Schematic - ROW Russell/Connector |
300,000 |
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Project Totals |
$18,350,000 |
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Equipment - $1,150,377 |
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Police |
Vehicles |
5 |
$307,405 |
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Fire |
Computer Dispatch Map |
1 |
154,000 |
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Fire |
EMD |
1 |
109,000 |
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Fire |
Ambulance |
1 |
250,000 |
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Fire |
Cardiac Monitors |
4 |
168,172 |
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Fire |
Opticom - Fire Station #3 |
1 |
17,156 |
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Fire |
Opticom - Various Locations |
9 |
46,735 |
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Fire |
Vehicles |
1 |
50,400 |
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Information |
Cameras |
1 |
23,509 |
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Information |
New Line Touch Displays |
2 |
24,000 |
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Total |
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$1,150,377 |
Equipment and Streets account for $19,500,377. The Notice of Intent allows for $19,850,000 with the difference being issuance costs.
Justification
The funds will be used to improve traffic circulation within the City and provide the necessary equipment for police and fire operations.
Funding Source
Ad Valorem taxes; the cost of the issuance is not expected to raise the tax rate.
Prepared By
Peter Phillis, Deputy City Manager, City Manager's Office
817-276-4261
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