HomeMy WebLinkAbout27660-05-2025 - City Council - OrdinanceGovernment Code, is 15.00%
Rating agency calls with Moody's, Fitch, and Kroll will be conducted prior to the sale of the notes. Ratings are anticipated to be received the week
of May 12, 2025. Bids for the sale of the notes are scheduled to be submitted on August 5, 2025. Subsequent to accepting the best bid and
awarding the sale of the notes, the City will seek approval of the debt transactions from the Texas Attorney General with an estimated closing date
of August 21, 2025.
The attached appropriation ordinance reflects the maximum appropriation amount for note proceeds. Its structure accommodates variables
associated with sale of debt. To the extent numbers at closing are less than those reflected in the ordinance, the available appropriation amount
will be reduced as needed to reflect final figures based on the closing documents to ensure appropriations do not exceed actuals. Similarly, to the
extent there are any remaining proceeds after paying cost of issuance expense, those funds are to be moved to the General Debt Service Fund.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon adoption of the actions provided within this Mayor and Council Communication, the sale of the 2025 Tax
Notes will proceed as necessary to provide funding in the Tax Notes Series 2025 Fund for the Fire Apparatus 2025 Tax Notes, Consolidated
Emergency Communication Building Upgrades, WJ Boaz Rd West Half, 2022 Neighborhood Street Program, Avondale Haslet Road and Cost of
Issuance projects. Prior to any expenditures being incurred, the Property Management and Financial Management Services Departments have the
responsibility to validate the availability of funds.
Submitted for Citv Manager's Office bv: Reginald Zeno 8517
Oriainatina Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338