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Consider approving Resolution No. 2013-013 relating to the giving of notice of intention to issue City of Farmers Branch, Texas Combination Tax and Revenue Certificates of Obligation, Series 2013, providing an effective date and take appropriate action.
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BACKGROUND:
On February 19, 2013, the City Council considered adopting Ordinance No. 3215 to call and hold a bond election on May 11, 2013 for the purpose of issuing general obligation bonds of the City in the amount of $7,150,000 for an aquatics facility. Ordinance No. 3215 was tabled indefinitely and staff was directed to prepare a Notice of Intent to Issue Certificates of Obligation to be considered at the March 5 City Council meeting.
DISCUSSION:
This resolution gives notice of the City’s intent to issue twenty-year certificates of obligation, in an amount not to exceed $7.15 million (including costs of issuance), 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 aquatic 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.
The City Council anticipates authorizing the sale of these bonds at the regularly scheduled City Council meeting on April 16, 2013.
RECOMMENDATION:
City Administration recommends approving Resolution No. 2013-013 providing for notice to be given of the City’s intent to issue Combination Tax and Revenue Certificates of Obligation, Series 2013.
ACTIONS:
1) Motion to approve Resolution No. 2013-013 relating to the giving of notice of intention to issue City of Farmers Branch, Texas Combination Tax and Revenue Certificates of Obligation, Series 2013.
2) Motion to deny Resolution No.2013-013 relating to the giving of notice of intention to issue City of Farmers Branch, Texas Combination Tax and Revenue ...
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