File #: 24-3591    Version: 1 Name:
Type: Agenda Item Status: Regular Hearing
File created: 7/2/2024 In control: City Council
On agenda: 7/15/2024 Final action:
Title: 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 Improvement Bonds, Series 2024 in the Aggregate Principal Amount of Not to Exceed $16,305,000; 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.
Attachments: 1. Staff Memorandum - Series 2024 WWSS, 2. WWSS Revenue Bonds Series 2024 (parameters)(10394647.pdf

title

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 Improvement Bonds, Series 2024 in the Aggregate Principal Amount of Not to Exceed $16,305,000; 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.

 

request

ADMINISTRATIVE COMMENTS:

 

Staff is planning to issue approximately $16.305 million in Waterworks and Sewer System Revenue 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.

 

RECOMMENDATION:

 

That City Council approve the ordinance as set forth in the caption above.