Agenda Information Sheet
DEPARTMENT: Finance
DCM: Bryan Langley
Date: April 18, 2017
SUBJECT
Title
Consider adoption of an ordinance considering all matters incident and related to the issuance, sale and delivery of up to $102,000,000 in principal amount of "City of Denton Certificates of Obligation, Series 2017" (including up to $18,940,000 for General Government activities, up to $17,600,000 for Solid Waste Fund activities, and up to $65,460,000 for Electric Fund activities); authorizing the issuance of the Certificates; delegating the authority to certain City officials to execute certain documents relating to the sale of the Certificates; approving and authorizing instruments and procedures relating to said Certificates; enacting other provisions relating to the subject; and providing an effective date.
Body
BACKGROUND
On March 7, 2017, the City Council adopted Ordinance No. 2017-076 and 2017-077 directing the publication of a Notice of Intention to issue Certificates of Obligation (COs) of the City of Denton for General Government, Solid Waste, Wastewater, and Electric System projects. The notices were published on March 13, 2017, and March 20, 2017, in the Denton Record Chronicle, as required by state law. The COs will be issued as a single series of obligations and may include up to $720,000 for issuance costs and to allow flexibility in marketing and pricing the bond sale. Since approval of the Notice of Intentions and as a result of preliminary reviews of budgets, staff has delayed the issuance of $6,000,000 previously planned for the Wastewater Fund until the next fiscal year. Along with the previous reduction in the Solid Waste Fund and reduced Water Fund issuance, this recommended sale of COs has been reduced by $24,375,000 from the adopted FY 2016-17 CIP.
Staff recommends the sale of $18,830,000 in COs for General Government projects plus related issuance costs. Below is a listing of recommended CO funded projects for General Go...
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