Title
A Resolution by the City Council of the City of Farmers Branch, Texas, expressing intent to finance expenditures to be paid.
Body
BACKGROUND:
In order to begin construction projects prior to the future sale of debt obligations, the City Council will need to affirm an intent to reimburse the city. Land acquisition and construction are planned in the next few months related to public safety communication dispatch facility, North Texas Emergency Communication Center (NTECC), and construction for phase two of the Branch Connection Senior Center.
DISCUSSION:
Resolution 2024-119 is on the agenda to authorize the City to reimburse itself up to $7M for these project costs once the certificates are issued. The Branch Connection Phase II was approved by voters for an issuance of $2M in General Obligation bonds and Council is authorizing $5M in Certificates of Obligation for NTECC.
FISCAL IMPACT:
Budgeted Financial Impact - Final debt service costs will be factored into the final 2024-25 Annual Budget.
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-119 expressing intent to finance expenditures to be paid, as presented.
2. I move to approve Resolution No. 2024-119 expressing intent to finance expenditures to be paid, as presented, with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENTS:
1. Resolution No. 2024-119