Agenda

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Item # 10.

Council Meeting

Meeting Date:	06/13/2023
Department:	Finance
Pillars:	Excellence in Asset Management Excellence in Transportation Systems 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 a Resolution authorizing publication of notice of intention to issue Town of Addison, Texas Certificates of Obligation; approving the preparation of a preliminary official statement and a notice of sale; and, providing for the effective date.

BACKGROUND:

The attached Resolution provides notice that the Town intends to issue Certificates of Obligation in an amount not to exceed $4,600,000; that amount encompasses the proposed public infrastructure improvements at Vitruvian Park and roadway improvement projects at the Addison Airport. The Resolution also requires that the notice be published in the Dallas Morning News for 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:

The Town will be issuing up to $2,050,000 in Certificates of Obligation for the purpose of public infrastructure improvements in Vitruvian Park. The Town has an investment commitment of approximately $50M and, to date, has invested approximately $37M in public infrastructure in Vitruvian Park. After this proposed issuance of up to $2,050,000, approximately $11M of investment will remain.

The Town will be issuing up to $2,550,000 in Certificates of Obligation for the purpose of funding planned roadway capital improvements projects related to the Addison Airport, serviced by revenue from the Addison Airport, including reconstruction of Jimmy Doolittle Drive and the east side airport service road.

Please note the total potential issuance amount was increased by $100,000 from the presentation on May 23, 2023, due to volatility in the bond market. In the event the sale does not generate a premium, the proceeds, less issuance costs, will generate $4.5M in project funds.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution - Notice of Intent 2023 Certificates of Obligation
Presentation - Notice of Intent 2023 Certificates of Obligation