Title
Ordinance - Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2023, in an Aggregate Principal Amount not to exceed $5,150,000; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Authorizing the Execution and Delivery of a Bond Purchase Agreement, 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 December 12, 2022 for purpose of: (i) designing, engineering, developing, constructing, improving and repairing, extending and expanding streets, thoroughfares and bridges, including streetscaping, related storm drainage improvements, signalization and other traffic controls, sidewalks, street lights and the acquisition of any right of way therefor; (ii) designing, engineering, developing, constructing, improving, repairing and extending water and wastewater facilities; (iii) professional services incurred in connection with items (i) and (ii) and to pay the costs incurred in connection with the issuance of the Certificates.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the capital planning process in fiscal year 2023, the City established a capital program for fiscal year 2023. Discussion occurred regarding prioritization of projects and funding of the projects.
Justification
The funds will be used to fund a development agreement. The developer has completed the required infrastructure.
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