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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 4/22/2024 | | DEPARTMENT: | Finance | | DIRECTOR: | Denise Tacke, Director of Finance | | AGENDA ITEM: | To authorize the Issuance of City of Plano Tax Notes | | RECOMMENDED ACTION: | Adoption of Ordinances |
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| | | | | | | | ITEM SUMMARY To authorize the issuance of "City of Plano, Texas Tax Notes, Series 2024"; 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. 2024-4-11 |
| | | | | | | | BACKGROUND Proceeds from the sale of Tax Notes will be used for the purpose of paying contractual obligations to be incurred for (i) the acquisition and installation of information technology equipment for (a) phone system replacement, (b) fire station alerting system and (c) security video storage and (ii) the payment of professional services of attorneys, financial advisors and other professionals in connection with the issuance of said Notes. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This ordinance permits the City of Plano to issue Tax Notes for the acquisition payment of professional services and the installation of technology equipment for a phone system replacement, fire station alerting system and security video storage. Approximately $7,000,000 is expected to be raised from the 2024 Tax Notes issuance, 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. |
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