To authorize the issuance of "City of Plano, Texas, Tax Notes, Series 2023"; levying a continuing direct annual ad valorem tax for the payment of said Notes; resolving other matters incident and related to the issuance, sale, payment and delivery of said Notes; establishing procedures for the sale and delivery of said Notes; and delegating matters relating to the sale and issuance of said Notes to an authorized City official; enacting provisions incident and related to the purposes and subject of this Ordinance; and providing a severability clause and an effective date. Adopted Ordinance No. 2023-4-2.

Proceeds from the sale of Tax Notes will be used for installation of technology equipment for (i) library facilities, (ii) the public works and building inspection departments and other development services departments of the City, (iii) the City’s network security system, (iv) public safety records management and (v) the payment of professional services of attorneys, financial advisors and other professionals in connection with the issuance of the Notes.

This ordinance permits the City of Plano to sell Tax Notes to finance technology projects as planned in the 2022-23 Community Investment Program. Approximately $9,100,000 is expected to be raised from the 2023 Tax Note sale, with the City repaying the notes over a seven-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.