Agenda

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Item # 13.

Council Meeting

Meeting Date:	06/14/2022
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 a Resolution Authorizing Publication of Notice of Intention to Issue Town of Addison, Texas Certificates of Obligation, Series 2022 and Providing an Effective Date.

BACKGROUND:

The attached resolution provides notice that the Town intends to issue Certificates of Obligation in an amount not to exceed $13,000,000; that amount encompasses the proposed streets, infrastructure and issuance costs related to the reconstruction of Midway Road and water and sewer utility improvement projects. The resolution also requires that the notice be published in the Dallas Morning News two consecutive weeks with the first publication at least 46 days before the proposed sale as well as posted on the Town's website for 45 consecutive days. These certificates of obligation will be used for the following purposes:

On November 13, 2018, the City Council directed the City Manager to pursue issuing Certificates of Obligation to fund a portion of the budgeted $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. The Town issued $15,000,000 in Certificates of Obligations in 2019 for the purpose of reconstructing Midway Road with a $10,000,000 issuance of Certificates of Obligations included in this proposed issuance. This will complete the Certificate of Obligation issuances for the Midway Road Project.
The Town will be issuing $3,000,000 in Certificates of Obligations for the purpose of funding planned capital improvements projects related to water and sewer utility improvements over the next two to three years including: Lake Forest Drive Utility Improvements, Surveyor Pump Station Electrical Upgrades, and Beltway Drive/Belt Line Road Water Main Replacement.

RECOMMENDATION:

Administration recommends approval.

Attachments
Presentation - Notice of Intent 2022 Certificates of Obligation
Resolution - Notice of Intention Issue CO