| | | | | | | |  |
CITY COUNCIL AGENDA MEMO |
|
| | | | | | | | | MEETING DATE: | 8/23/2021 | | DEPARTMENT: | Finance | | DIRECTOR: | Denise Tacke, Director of Finance | | AGENDA ITEM: | To authorize the issuance of City of Plano Special Assessment Revenue Bonds | | RECOMMENDED ACTION: | Items for Individual Consideration |
|
| | | | | | | | ITEM SUMMARY Ordinance No. 2021-8-18: To approve and authorize the issuance and sale of the City of Plano, Texas, Special Assessment Revenue Bonds, Series 2021 (Collin Creek East Public Improvement District Project); and approving and authorizing related agreements. Adopted
|
| | | | | | | | BACKGROUND Proceeds from the issuance of these Bonds will be used for the purpose of paying (a) a portion of the actual costs of the public improvements, (b) the Collin Creek East Public Improvement District formation costs, and (c) the payment of professional services of attorneys, financial advisors and other professionals in connection with the project and issuance of Bonds. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The Ordinance permits the City of Plano to sell Special Assessment Revenue Bonds to finance a portion of the actual costs of public improvements in the Collin Creek East Public Improvement District ("District"), the District formation costs and Bond issuance costs. The Ordinance also permits the City of Plano to approve and authorize related agreements. The Bonds will be repaid from the levied special assessments against assessed property in the District.
This item has no financial impact.
Approval of this Ordinance relates to the City's Strategic Plan Critical Success Factor of Excellent, Innovative and Accountable City Government. |
|