Title
Resolution - A Resolution Relating to the Giving of Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation; Declaring Intent to Reimburse Certain Prior Capital Costs and Approving Other Matters Related Thereto
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 11, 2017 for the purpose of improving the City's street infrastructure, design and construction of a parking lot in downtown Mansfield, the acquisition of property near City Hall and the Law Enforcement Center, funding for public safety vehicles, and additional operating equipment.
Recommendation
Staff recommends approval of the Resolution.
Description/History
During the budget process in fiscal year 2017, the City established a capital program for fiscal year 2018. Discussion occurred regarding the prioritization of projects and funding of 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 - a detailed list is attached.
Equipment and Streets accounts for $16,738,921. The Notice of Intent allows for $17,000,000 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 this issuance is not expected to raise the tax rate.
Prepared By
Peter Phillis
Deputy City Manager
(817) 276-4261
peter.phillis@mansfieldtexas.gov