Agenda

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Item # 5.b.

City Council

Meeting Date:	08/08/2023
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 an Ordinance providing for the issuance of Town of Addison, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2023; levying a tax in payment thereof; prescribing the form of said certificates; approving and awarding the sale of the certificates; authorizing the execution and delivery of a paying agent/registrar agreement; approving the official statement; and enacting provisions incident and relating to the subject and purposes of this Ordinance.

BACKGROUND:

At the City Council Meeting on June 13, 2023, the Council passed a Resolution giving Notice of Intention to Issue Certificates of Obligation. The attached Ordinance provides for the Town's issuance of Certificates of Obligation in an amount not to exceed $4,600,000. The proceeds from 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.

Certain details concerning the Certificates of Obligation will not be known until the completion of the sale on August 8, 2023 This information will be made available at the Council Meeting on August 8, 2023 prior to the discussion of this item. The ordinance will also be updated prior to the meeting. The Town of Addison maintained an underlying bond rating of "AAA" from Standard and Poor's and an "Aaa" from Moody's.

RECOMMENDATION:

Administration recommends approval.

Attachments
Ordinance No. O23-35 CO Series 2023
Sales Book - Series 2023 Bonds