Agenda

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Item # 5.c.

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 authorizing the issuance of Town of Addison, Texas, General Obligation Bonds, Series 2023; awarding the sale thereof; levying a tax, and providing for the security for 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.

BACKGROUND:

In 2019, 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 2023 General Obligation Bond issuance totals $5,000,000 and consists of the following:

$5,000,000 from the authorized $32,602,000 ($0 issued to date) from Proposition B of the 2019 Bond Election for street improvements. The funds would be used for the reconstruction design of Monfort Drive ($900,000) and Quorum Drive ($4.1M). Design contracts for both projects have been approved by the Council.

Certain details concerning the General Obligation Bonds 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 be updated prior to 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 No. O23-37 - GO Bond Series 2023