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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 4/25/2022 | | DEPARTMENT: | Finance | | DIRECTOR: | Denise Tacke, Director of Finance | | AGENDA ITEM: | To authorize the issuance of City of Plano Bonds | | RECOMMENDED ACTION: | Adoption of Ordinances |
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| | | | | | | | ITEM SUMMARY Ordinance No. 2022-4-2: To authorize the issuance of "City of Plano, Texas, General Obligation Bonds, Series 2022"; 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 |
| | | | | | | | BACKGROUND Proceeds from the sale of the Bonds will be used (i) for developing, engineering, constructing, reconstructing, improving, repairing, extending, expanding and enhancing streets, thoroughfares, alleys, sidewalks, bridges, intersections, screening walls and other public ways, including participation in joint projects with federal, state, and local public entities and agencies, computerized signalization and monitoring equipment and other traffic controls, grade separations, street lighting, noise abatements, necessary and related storm drainage facilities and improvements, and the acquisition of any needed land and rights-of-way therefor, renovating, constructing, developing, improving, expanding, furnishing, equipping and acquiring any needed land and rights-of-way for park and recreational facilities, renovating, constructing, improving, expanding, furnishing and equipping the Tom Muehlenbeck Recreation Center, renovating, improving, repairing, rehabilitating and equipping public safety facilities and acquiring any needed land and rights-of-way for such facilities, renovating, constructing, improving, expanding, furnishing and equipping existing municipal facilities, renovating, constructing, improving, expanding, furnishing and equipping the City's library facilities and acquiring any needed land and rights-of-way for such facilities and (ii) for payment of professional services of attorneys, financial advisors and other professionals in connection with the projects and the issuance of the Bonds. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This ordinance permits the City of Plano to sell General Obligation (G.O.) Bonds to finance street, park, public safety facilities, municipal facilities, and library projects as planned in the 2021-22 Community Investment Program and authorized by Plano voters in the 2019 and 2021 bond referendums. Approximately $79,170,000 is expected to be raised from the 2022 G.O. Bond sale, with the City repaying the bonds over a 20-year term through the interest and sinking portion of Plano's property tax rate. The exact amount of interest and principal to be paid will be determined by a competitive bid process.
Approval of this Ordinance supports the Strategic Plan Critical Success Factors of Safe, Vibrant Neighborhoods and Excellent, Innovative, and Accountable City Government. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Plano G.O. | 4/18/2022 | Ordinance |
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