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Consider and Take Action on an Ordinance of the City Council of the City of Lewisville, Texas, Authorizing the Issuance of City of Lewisville, Texas, General Obligation Refunding and Improvement Bonds, Series 2025 in the Aggregate Principal Amount of Not to Exceed $18,100,000; Awarding the Sale Thereof; Levying a Tax in Payment Thereof; Authorizing the Execution and Delivery of a Paying Agent/Registrar Agreement; Approving the Official Statement; and Enacting Provisions Incident and Relating to the Subject and Purposes of this Ordinance.
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ADMINISTRATIVE COMMENTS:
City staff is planning to issue approximately $18.1 million in General Obligation Refunding and Improvement Bonds this fiscal year. Authority for issuing bonds to be repaid from property taxes must be approved by voters. This authority was granted through the successful passage of the four (4) bond propositions that were placed on the May 4, 2024 ballot. 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. Projects to be funded through the issuance include work on the Purnell-Redbud Connection, Huffines Boulevard, and South Kealy Avenue, the Meadow Glen Subdivision-Phases 1 & 2, Alley Replacement Program, LID trail project, and costs associated with the issuance of the bonds. A portion of the proceeds will also be used to refund the Series 2015 and 2016 GO bond issues.
CITY STAFF’S RECOMMENDATION:
That City Council approve the ordinance as set forth in the caption above.