Title
Ordinance - An Ordinance of the City of Mansfield, Texas Approving and Authorizing a First Amendment to Ordinance No. 2162-20 Authorizing the City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2020 and Resolving Other Matters Relating Thereto
Requested Action
Approve the Ordinance
Recommendation
Approve the Ordinance
Description/History
On Monday, July 20, 2020, the City Council of Mansfield, Texas, met to discuss Capital Improvement Plan and the Preliminary Budget for fiscal year ending September 30, 2021. City Council along with City Staff discussed various methods for funding the upcoming Capital Improvement Plan for fiscal year 2021. Much discussion occurred about the Capital Improvement Program, how to fund the program and unused bond proceeds. It was concluded with final action by the City to repurpose unused bond proceeds for shovel ready projects. This ordinance allows the City to clarify and repurpose the use of these unused proceeds for the purpose of making improvements within the fiscal year 2021.
List of Capital Projects:
$1,214,720 Capital Equipment - Fire Truck & Permit System
$100,000 Pond Street; CDBG
$482,200 Traffic Signal - FM157 @ Watson Branch
$150,000 Misc. Concord (Country Club to Stratford)
$250,000 Turner Warnell Median Imp. (FM157 to Callender)
$3,000,000 Joint Fire & PD Training Facility
$1,000,000 Walnut Creek Linear Trail Phase 3A - Sand Volleyball
$700,000 McClendon Park East - West Improvements - Splash Pad
$600,000 Skinner Sports Complex Parking - Road Widening
Justification
There has been considerable discussion and deliberation with regard to the use of existing bond proceeds that have not been spent from prior issuances. This action allows the City to repurpose the use of the unused bond proceeds. The effect of the repurposed unused bonds allows the City to postpone an expected debt issuance this fall which ...
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