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Consider adopting Ordinance No. 3887 authorizing the issuance and sale of Combination Tax and Revenue Certificates of Obligation, Series 2024, in an aggregate principal amount not to exceed $10,000,000; levying a tax in payment thereof; authorizing the execution and delivery of a purchase agreement, a paying agent/registrar agreement and a bond counsel engagement letter; approving the Official Statement; enacting other provisions relating thereto; and take appropriate action.
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REQUESTOR:
Finance, Fleet, and Facilities Department
BACKGROUND:
On July 9, 2024, the City Council approved Resolution No. 2024-120 authorizing the publication of Notice of Intention to Issue City of Farmers Branch, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2024, in an aggregate principal amount not to exceed $10.0 million, to pay contractual obligations to be incurred for the following purposes: (a) designing, constructing, renovating, improving and equipping public safety facilities, including a public safety communication facility and dispatch center, and the acquisition of land therefor (b) acquiring vehicles and equipment for public safety, including fire, police and emergency services, and (c) paying professional services of attorneys, financial advisors and other professionals in connection with the Project and the issuance of the Certificates. This notice was published in the Dallas Morning News in the manner required by law on July 12th and July 19th, with a scheduled meeting date and time of September 10, 2024, at 6:00 p.m.
All legal requirements necessary to issue these certificates have been met. The approximate $10.0 million in 25-year maturity certificates will be sold on September 10, 2024, pending a) receipt of Form 1295 (the "Disclosure Form") pursuant to House Bill 1295 prior to approval of the Ordinance authorizing the issuance of sale; and, b) pending approval of this Ordinance.
A final version of the Ordinance, including...
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