Title
Consider adopting Ordinance No. 3938 authorizing the issuance and sale of City of Farmers Branch, Texas, General Obligation Bonds, Series 2025, in an aggregate principal amount not to exceed $5,500,000; levying a tax in payment thereof; authorizing the execution and delivery of a Bond Purchase Agreement, a Paying Agent/Registrar Agreement and a Bond Counsel Engagement Letter; approving the Official Statement; and take appropriate action.
Body
REQUESTOR:
City Administration
BACKGROUND:
On October 10, 2023, the City Council adopted Ordinance No. 3849, calling for a bond election to be held within the City on May 4, 2024. An election was held on May 4, 2024, authorizing the City Council to issue general obligation (GO) bonds in the aggregate principal amount of $8,000,000. The bonds were to be used to provide funds for the Economic Development fund, the Branch Connection remodel, water infrastructure public improvements, and costs associated with the issuance of the bonds.
DISCUSSION:
Ordinance No. 3938 provides for the issuance and sale of approximately $5,500,000 of the remaining voter-authorized bonds for water infrastructure improvements.
A final version of the Ordinance, with interest rate pricing included, will be distributed prior to City Council consideration of this agenda item.
FISCAL IMPACT:
Budgeted Financial Impact $5,500,000
DISTRICT:
Citywide
POSSIBLE COUNCIL ACTION:
1. I move to approve Ordinance No. 3938 as presented.
2. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Ordinance No. 3938
2. Preliminary Official Statement
3. Presentation