Title
Ordinance - An Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2021, in an Aggregate Principal Amount not to exceed $9,500,000; Awarding the Sale Thereof; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Authorizing the Execution and Delivery of a Paying Agent/Registrar Agreement and a Bond Counsel Engagement Letter; Approving the Official Statement; and Enacting Other Provisions Relating Thereto
Requested Action
The City Council approve an ordinance authorizing the issuance and sale of Combination Tax and Revenue Certificates of Obligation. The notice is to announce to the public that the City will be issuing bonds on July 12, 2021 for purpose of designing, improving, constructing, renovating and equipping fire facilities, including a fire training tower; designing, improving constructing, renovating and equipping police facilities; designing, constructing and equipping of a joint public safety training facility; designing, improving, constructing and renovating facilities and infrastructure at the City’s historic Ralph Man House; designing, improving, constructing, renovating and equipping library facilities; designing, improving, constructing, renovating and equipping of park and recreation facilities; acquiring equipment and vehicles for the fire department, including an Air/Light Truck; and professional services incurred in connection with the previously mentioned projects.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the capital planning process in fiscal year 2020, the City established a capital program for fiscal year 2021. Discussion occurred regarding prioritization of projects and funding of the projects.
Justification
The funds will be used to improve park and recreation facilities within the City, improve the Ralph Man property, improve the public library, provide the necessary equipment for police and fire operations and training facilities and pay for professional fees to design a police headquarters building.
Funding Source
Ad Valorem taxes; the cost of this issuance is not expected to raise the tax rate.
Prepared By
Troy Lestina, Director of Finance; 817-276-4258