| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 7/24/2017
Department: Finance
Department Head: Denise Tacke
Agenda Coordinator: Megan Hostick x 7479 |
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CAPTION
Ordinance No. 2017-7-6: To authorize the issuance of "City of Plano, Texas, General Obligation Refunding Bonds, Series 2017A"; levying a continuing direct annual ad valorem tax for the payment of said Bonds; resolving other matters incident and related to the issuance, sale, payment and delivery of said Bonds; establishing procedures for the sale and delivery of said Bonds; and delegating matters relating to the sale and issuance of said Bonds to an authorized City official; and providing a severability clause and an effective date. Adopted |
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FINANCIAL SUMMARY Operating Expense, Revenue
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| FISCAL YEAR: 2017-18 to 2031-32 |
Prior Year
(CIP Only) |
Current
Year
|
Future
Years
|
TOTALS |
| Budget |
0 |
32,225,000 |
0 |
32,225,000 |
| Encumbered/Expended Amount |
0 |
0 |
0 |
0 |
| This Item |
0 |
0 |
0 |
0 |
| Balance |
0 |
32,225,000 |
0 |
32,225,000 |
FUND(S): GO DEBT SERVICE FUND
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COMMENTS: This ordinance permits the City of Plano to sell General Obligation (G.O.) Refunding Bonds to refund $32,225,000 in outstanding tax supported debt at a lower interest rate, saving the City of Plano an estimated $1,511,544 in the future on a net present value basis. The City will repay these bonds over a 15 year term - the same as the refunded outstanding debt - through the interest & sinking portion of Plano's property tax rate. The exact amount of interest and principal to be paid will be determined by a negotiated bid process. |
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SUMMARY OF ITEM
Proceeds from the sale of the Bonds will be used to (i) refund a portion of the City's outstanding debt to lower the overall debt service requirements of the City, and (ii) pay for professional services of attorneys, financial advisors and other professionals in connection with the issuance of the Bonds.
Strategic Plan Goal:
Financially Strong City with Service Excellence, Strong Local Economy
Plano Tomorrow Plan Pillar:
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