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Consider adopting Ordinance No. 3496 providing for the issuance of City of Farmers Branch, Texas, General Obligation Bonds, Series 2018, in an aggregate principal amount not to exceed approximately $14,000,000; awarding the sale of said bonds; levying a tax in payment thereof; approving the Official Statement and a Paying Agent/Registrar Agreement; enacting other provisions relating thereto; declaring an effective date; and, take appropriate action.
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BACKGROUND:
On February 18, 2014, the City Council adopted Ordinance No. 3263 calling for a bond election in the amount of $23,500,000 to be held within the City on May 10, 2014. An election was held on May 10, 2014 authorizing the City Council of the City of Farmers Branch, Texas to issue general obligation bonds in the aggregate principal amount of $23,500,000.
Ordinance No. 3288 was adopted on July 15, 2014 providing for the issuance and sale of approximately $14,500,000 of the $23,500,000 voter authorized bonds. The remaining bonds, totaling approximately $9,000,000, were anticipated to be issued within approximately four to five years and the combined maturity was expected to be twenty years. No tax increase is proposed for this portion of the Series 2018 bonds.
On August 15, 2017, the City Council adopted Ordinance No. 3455 calling for a bond election to be held within the City on November 7, 2017 to consider three bond propositions: Pike Street/Station Area Improvement Bonds totaling $4.0 million; Connecting Neighborhoods with Trails and Sidewalks Bonds totaling $7.0 million; and, Neighborhood Revitalization Bonds totaling $4.0 million. An election was held on November 7, 2017 authorizing the City Council of the City of Farmers Branch, Texas to issue general obligation bonds in the aggregate principal amount of $15.0 million. The bonds will be used to provide funds for the above initiatives and to pay the costs associated with the issuance of the bonds. No tax rate increase is proposed for this ...
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