Agenda Information Sheet
DEPARTMENT: Finance
ACM: Bryan Langley
Date: October 18, 2016
SUBJECT
Title
Consider adoption of an ordinance of the City of Denton, Texas to declare the intent to reimburse capital program expenditures of the Electric Utility ($65,000,000), Solid Waste ($23,580,000), and General Government ($12,335,000) with Tax Preferred Obligations (Certificates of Obligation and General Obligation Bonds) with an aggregate maximum principal amount equal to $100,915,000; providing an effective date.
Body
BACKGROUND
The purpose of this item is to allow staff to begin these projects prior to the debt sale. Initially, funding for the expenditures will be provided with existing bond proceeds or unreserved fund balance. Once the debt is sold, these expenditures will be reimbursed from the debt proceeds. The debt sale is anticipated to be in early summer of 2017.
The FY 2016-17 Capital Improvement Program (CIP) Budget includes capital projects for Electric, Solid Waste, and General Government.
Denton Municipal Electric is proposing to utilize $65,000,000 to fund ongoing capital expansion of the distribution and transmission facilities approved as part of the FY 2016-17 CIP Budget. This amount represents the portion of the Electric Fund CIP Budget for FY 2016-17 to be funded by Certificates of Obligation (CO). A complete list of the Electric CO funded projects planned for FY 2016-17 is included with the attached ordinance.
Solid Waste is proposing to utilize $23,580,000 to fund ongoing capital expenditures for disposal, processing and construction services approved as part of the FY 2016-17 CIP Budget. A complete list of the CO funded projects planned for FY 2016-17 is included with the attached ordinance.
General Government is proposing to utilize $10,235,000 of Certificates of Obligation to fund vehicle/equipment replacements, replacement of facility HVAC, roofs and floorings, upgrade public safety radios to digital, replace the pub...
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