Title
Resolution - 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 January 13, 2020 for the purpose of improving the City’s street infrastructure, design of a new Police Headquarters, apparatus for and construction of Fire Station #5, modification and addition to the Mansfield Public Library, renovation of the Man House Museum, Phase IV of the Wayfinding Program, and funding for additional operating equipment.
Recommendation
Staff recommends the approval of the Resolution.
Description/History
During the budget process in fiscal year 2019, the City established a capital program for fiscal year 2020. Discussion occurred regarding the prioritization of projects and funding of 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 departments. Most of the equipment cost is for replacement Fire apparatus. A detailed list is attached.
Street and Public Improvements - $23,101,025
Fire Station #5
Man House Museum
Police Station Design
Wayfinding Program
Day Miar Road
Gertie Barrett Road
Heritage Parkway
Price Road
Walnut Creek Drive Bridge Design
Library Modification/Addition
Capital Equipment - $2,265,000
|
Fire |
Spartan Fire Engine |
|
Fire |
105’ Platform Truck |
|
Streets |
Backhoe |
|
Library |
Community Outreach Vehicle |
|
Senior Center |
Bus |
Street/Public Improvements and Capital Equipment account for $25,366,025. The Notice of Intent allows for $26,000,000 with the difference being issuance costs.
Justification
The funds will be used to improve traffic circulation within the City, make improvements to existing City-owned facilities, and provide necessary equipment for operations.
Funding Source
Ad Valorem taxes; the cost of this issuance is not expected to raise the tax rate.
Prepared By
Jennifer Goldthwaite, Assistant Director of Budget/Purchasing, for, Peter K. Phillis, Deputy City Manager