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Consider adopting Ordinance No. 3226 authorizing the issuance of approximately $7,150,000 City of Farmers Branch, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2013, for the purpose of constructing an aquatics facility; awarding the sale of the Certificates; levying a tax in payment thereof, and providing for the security for and payment of said certificates; authorizing the execution of a paying agent/registrar agreement; enacting other provisions relating to the subject; declaring an effective date; and take appropriate action.
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BACKGROUND:
On March 5, 2013, the City Council approved Resolution No. 2013-013 authorizing the publication of Notice of Intention to Issue City of Farmers Branch, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2013, in a principal amount not to exceed $7.15 million, for the purpose of paying contractual obligations to be incurred for designing, constructing and equipping an aquatics facility in the City, including the demolition of the existing Don Showman Pool at the aquatics facility site, and paying for 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 March 7, 2013 and March 14, 2013, with a scheduled meeting date and time of April 16, 2013, which was subsequently postponed until May 7, 2013. All legal requirements necessary to issue these bonds have been met. The $7.15 million in twenty-year maturity certificates will be sold on May 7, 2013, pending approval of this ordinance. A final version of the ordinance, with interest rate pricing included, will be distributed prior to Council consideration of this agenda item. The ordinance pledges the full faith and credit of the City guaranteeing certificate repayment through the levy of a property tax.
DISCUSSION:
Ordinance No. 3226 provides for...
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