Agenda Information Sheet
DEPARTMENT: Finance
ACM: Bryan Langley
Date: March 7, 2017
SUBJECT
Title
Consider adoption of an ordinance directing the publication of Notice of Intention to issue $36,610,000 in principal amount of Certificates of Obligation of the City of Denton for General Government and Solid Waste projects; and providing for an effective date.
Body
BACKGROUND
This ordinance provides the Notice of Intention to issue $36,610,000 in principal amount of Certificates of Obligation (COs) for General Government and Solid Waste projects, as required by state law. The notice will be published once a week for two consecutive weeks in the Denton Record Chronicle, with the date of the first publication to be at least thirty-one (31) days before the date tentatively set for the passage of the ordinance authorizing the issuance of the bonds. These bonds will provide funding of $18,830,000 for General Government and $17,450,000 for Solid Waste project costs. The additional $330,000 is for issuance costs and to allow flexibility in marketing and pricing the bond sale. The Audit/Finance Committee is scheduled to discuss this item, along with the entire FY 2016-17 bond program, on this day but prior to Council's consideration of this Notice of Intention.
Staff recommends the sale of $18,830,000 in COs for General Government. Below is a listing of recommended CO funded projects for General Government's FY 2016-17 CIP:
1. Vehicle Replacements/Additions - $ 3,955,000
2. Public Safety Radio Upgrades to Digital - $ 2,000,000
3. Computer Aided Dispatch (CAD) System Replacement - $ 3,000,000
4. Facilities Maintenance Program (HVAC, Roofing & Flooring) - $ 1,175,000
5. Bonnie Brae Road Improvement Matching Funds - $ 8,500,000
6. Fleet Fuel Truck - $ 200,000
Total - $18,830,000
Staff recommends the sale of $17,450,000 in COs for Solid Waste projects. This amount is a decrease of $6,130,000 from the plan...
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