Title
Consider an ordinance of the City of Mesquite, Texas, authorizing the issuance from time to time of City of Mesquite, Texas, Permanent Improvement Bonds, Permanent Improvement Refunding Bonds, and Permanent Improvement and Refunding Bonds, in the aggregate principal amount not to exceed $53,825,000.00; providing for the award of the sale thereof in accordance with specified parameters; levying a tax in payment thereof; authorizing the execution and delivery of a paying agent/registrar agreement, an escrow agreement and a purchase agreement; approving the official statement; and enacting provisions incident and relating to the subject and purposes of this ordinance.
Body
The City regularly monitors current outstanding bonds for potential refunding opportunities that can generate savings in total debt service costs, which saves money transferred from the General Fund for annual principal and interest payments for outstanding general obligations.
The attached parameter ordinance authorizes Council to delegate the approval of the sale of General Obligation Refunding and Improvement Bonds to the Director of Finance, and Assistant City Manager, or their designee, as authorized by Chapters 1207 and 1371, Texas Government Code, subject to all conditions as specified in the refunding ordinance.
The pricing conditions and parameters include: a true interest costs of the bonds not to exceed 5.00 percent; a total aggregate bond principal amount not to exceed $53,825,000.00, with the principal amount of bonds issued for new construction of the final Real.Texas.Roads. residential street bond authorization not to exceed $16,850,000.00, and the principal amount for refunding bonds not to exceed $36,975,000.00, in combination with the net premium from the sale to produce a net present value debt service savings of at least 3.00 percent of the principal amount of the refunded bonds; a maximum maturity limit of no later than August 15, 2046, for any bond; and a credit rat...
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