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Consider and Take Action on an Ordinance of the City Council of the City of Lewisville, Texas, Authorizing the Issuance and Sale of City of Lewisville, Texas, Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 2025 in the Aggregate Principal Amount of Not to Exceed $41,600,000; Providing for the Security for and Payment of Said Bonds; Authorizing the Execution and Delivery of a Paying Agent/Registrar Agreement, an Escrow or Deposit Agreement; Approving the Official Statement; and Enacting Other Provisions Relating Thereto.
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ADMINISTRATIVE COMMENTS:
City staff is planning to issue approximately $41.6 million in Waterworks and Sewer System Revenue Refunding and Improvement Bonds this fiscal year. To allow flexibility in setting the sale date for the bonds, Hilltop Securities, the City’s financial advisor has recommended the Council adopt a parameters ordinance, which will allow the City Council to authorize the sale of bond obligations at a future date, as long as specific parameters are met. This provides the flexibility needed to ensure the issuance is sold when most practical and economically feasible. Authority granted by the ordinance expires one year from the date of approval. Planned projects to be funded through the issuance include additions and extensions to the City’s waterworks and sewer system and costs associated with the issuance of the bonds. A portion of the proceeds will also be used to refund the Series 2012, Series 2015, and 2016 Waterworks and Sewer System bond issues.
CITY STAFF’S RECOMMENDATION:
That City Council approve the ordinance as set forth in the caption above.