To authorize the issuance of "City of Plano, Texas, General Obligation Refunding and Improvement Bonds, Series 2024"; 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 Ordinance No. 2024-4-10

Proceeds from the sale of said Bonds will be used for the purpose of providing funds for the discharge and final payment of certain obligations of the City and to make various permanent public improvements for the City and to pay the costs and expenses of the issuance of said Bonds.

This ordinance permits the City of Plano to sell General Obligation (G.O.) Bonds to refund outstanding debt at a lower interest rate and finance street, park, public safety facilities, municipal facilities, and library projects as planned in the 2023-24 Community Investment Program and authorized by Plano voters in the 2021 bond referendum. Approximately $85,000,000 is expected to be raised from the 2024 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.