To authorize the issuance of "City of Plano, Texas, Municipal Drainage Utility System Revenue Bonds, Series 2024"; 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.  Adopted Ordinance No. 2024-4-12

This ordinance permits the City of Plano to sell Municipal Drainage Utility System Revenue Bonds for the acquisition, construction and repair of structures, equipment, and facilities for the City's municipal drainage utility system and to pay the costs of issuance associated with the sale of the Bonds. Approximately $15,000,000 is expected to be raised from the 2024 Municipal Drainage Utility System Revenue Bond sale, with the City repaying the bonds over a 30 year term through a lien on and pledge of the revenues of the system. 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.