| Present, Discuss, and Consider Action on an Ordinance Authorizing the Issuance of Town of Addison, Texas, General Obligation Bonds, Series 2021; Awarding the Sale Thereof; Levying a Tax, and Providing for the Security and Payment of Said Bonds; Authorizing the Execution and Delivery of a Paying Agent/Registrar Agreement; Approving the Official Statement; Enacting Other Provisions Relating to the Subject; and Declaring an Effective Date.
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Since 2012, Addison voters have approved several bond programs to fund various projects throughout Town. Once voter approval is secured, the City Council is authorized to issue bonds to pay for projects.
The proposed 2021 General Obligation Bond issuance totals $16,095,000 and consists of the following:
- $8,000,000, from the authorized $16,000,000 ($3,000,000 issued to date), from Proposition 1 of the 2012 Bond Election for reconstruction of Midway Road. Council awarded a construction contract to Tiseo Construction on December 8th, 2020. The project is currently under construction with an anticipated completion date in Fiscal Year 2024.
- $3,145,000, from the authorized $6,723,000 ($365,000 issued to date), from Proposition C of the 2019 Bond Election for parks and recreation improvements and facilities. Council approved a contract for design of locker room, pool, and gymnasium and track improvements to the Addison Athletic Club on June 9th, 2020. Design is nearing completion with construction anticipated to begin in September 2021 with an estimated construction timeline of 12-24 months.
- $4,950,000, from the authorized $7,395,000 ($140,000 issued to date), from Proposition D of the 2019 Bond Election for improvements to existing municipal buildings. Council approved a contract for design of roof and HVAC improvements to the Addison Athletic Club on June 9th, 2020. Design is nearing completion with construction anticipated to begin in September 2021 with an estimated construction timeline of 12-24 months. Additionally, Council approved a professional services contract for engineering and project management of phase one facility projects on April 13, 2021. The phase one projects include roofing, HVAC, and ADA improvements on all Town facilities except the Addison Athletic Club (i.e., Town Hall, Service Center, Finance Building, etc.). It is anticipated that all phase one projects will be completed by the end of Fiscal Year 2022.
Certain details concerning the General Obligation Bonds will not be known until the completion of the sale on August 10, 2021. This information will be made available at the Council meeting on August 10, 2021, 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. |