Agenda

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Item # 17.

Council Meeting

Meeting Date:	01/11/2022
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	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 Refunding Bonds, Series 2022 in the Approximate Amount of $8,755,000; 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 and Deposit Agreement; Approving the Official Statement; Enacting Other Provisions Relating to the Subject; and Declaring an Effective Date.

BACKGROUND:

At the November 9, 2021, Council meeting, staff presented a plan to take advantage of a favorable market environment to refund, i.e. refinance, the 2012 Combination Tax and Revenue Certificates of Obligation. Estimates provided at the November 9, 2021, Council meeting were that the refunding would create $836,359, or 8.83%, in Net Present Value savings over the remaining life of the debt.

Certain details concerning the General Obligation Refunding Bonds will not be known until the completion of the sale on January 11, 2022. This information will be made available at the Council meeting on January 11, 2022, 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 2022 General Obligation Refunding Bonds