Title
Ordinance - Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2018; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Awarding the Sale of the Certificates; Approving the Official Statement; Approving an Engagement Letter; and Enacting Other Provisions Relating Thereto
Requested Action
Approval of the Ordinance authorizing the issuance of the sale of city of Mansfield, Texas combination tax and revenue certificates of obligation, series 2018 in an aggregate amount not to exceed $17,000,000.
Recommendation
Staff recommends the approval of the Ordinance.
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 City’s Capital Improvement Program as well as operating equipment needs for fiscal year 2018. Most of the equipment cost is for public safety as listed.
Street and Public Improvements - $15,690,763
Broad Street
Regency Parkway
North Street
North Main Street Road Improvements
Loft Public Improvements
North Street CDBG
Backyard Parking Lot
Property at 1025 E. Broad Street
Property at 1701 Commerce Drive
Infrastructure Improvements - Hwy 287/Broad St.
Equipment - $1,048,158
Police Vehicles
Police Phone System Server
Police Needs Assessment - Patrol Building
Fire Software Upgrade
Fire Double Stack Trailer
Fire Vehicles
Fire Exhaust Systems
Fire Sternal Compression Devices
Fire Power Load System Ambulance
Building Services A/C Unit Upgrade - City Hall
Building Services Furniture, Fixtures, Equipment
Engineering Vehicle
Streets Concrete Saw
Streets/Traffic Vehicles
Information Tech New Line Touch Displays
Improvements and Equipment account for $16,738,921. The Notice of Intent allows for $17,000,000 with the difference being attributable to issuance costs.
Justification
The funds will be used to improve the city’s infrastructure 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