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Item # 7.

Council Meeting

Meeting Date:	08/11/2020
Department:	Finance
Pillars:	Excellence in Asset Management Gold Standard in Financial Health
Milestones:	Effectively utilize and promote the Silver Line development with a first mile/last mile solution Establish an intentional culture throughout the organization that is based on continuous improvement, excellence, and adherence to our core values Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Present, Discuss, and Consider Action on an Ordinance Authorizing the Issuance of Town of Addison, Texas, General Obligation Bonds, Series 2020.

BACKGROUND:

On November 5, 2019, the Town of Addison had all five bond propositions approved by voters totaling $70,620,000. The 2020 General Obligation Bond issuance would generate $15,135,000 in project funds from the following authorizations:

$14,030,000 from the authorized $22,300,000 from Proposition A for street improvements. This would fund the design costs associated with the Keller Springs Road and Airport Parkway reconstruction projects, to which contracts have been awarded by Council. The funds also include proceeds for the construction phase of Keller Springs Road.
$365,000 of the authorized $6,723,000 from Proposition C for parks and recreation improvements and facilities. This would fund the design of improvements to the Addison Athletic Club, including locker room reconfiguration, gymnasium and track improvements, and pool modernization.
$140,000 from the authorized $7,395,000 from Proposition D for improvements to existing municipal buildings. This would fund the design of the HVAC and roof at the Addison Athletic Club as well as the boiler replacement, for which the Council has approved a reimbursement resolution and the project is completed.
$600,000 from the authorized $600,000 from Proposition E for traffic control systems for which a contract has been awarded by Council.

Certain details concerning the General Obligation Bonds will not be known until the completion of the sale on August 11, 2020. This information will be made available at the Council meeting on August 11, 2020, prior to the discussion of this item. The ordinance will be updated at the meeting.

The Town of Addison's AAA/Aaa bond ratings from Standard and Poor's and Moody's were reaffirmed as part of this bond sale.

RECOMMENDATION:

Administration recommends approval.

Attachments
Ordinance - Authorization of 2020 General Obligation Bonds