Notice of Intention to Issue Certificates of Obligation

Published on December 01, 2023

Notice of Change of Date of City Council Meeting to Consider Adoption of an Ordinance Authorizing Certificates of Obligation

NOTICE OF INTENTION TO ISSUE CITY OF GRAND PRAIRIE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION 

TAKE NOTICE that the City Council of the City of Grand Prairie, Texas, shall convene at 6:30 p.m. on January 16, 2024, at the City Council chambers located at 300 W. Main Street, Grand Prairie, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation, in one or more series, in an amount not to exceed SIXTY MILLION EIGHT HUNDRED THOUSAND DOLLARS ($60,800,000) for the purpose of paying contractual obligations to be incurred for (i) renovating, improving and equipping existing municipal buildings and facilities, to-wit: HVAC system repairs and replacements, roof repairs and replacements, electrical and power generator improvements and repairs, fire safety, security, lighting, landscaping, irrigation and other improvements to the City Public Safety Building, City library facilities, the City Hall municipal complex, parks and recreation department administrative offices, and animal services facilities, (ii) designing, constructing, improving and equipping fire stations, fire department facilities, emergency operations center, and police facilities, including administrative offices related thereto, (iii) acquiring and purchasing materials, equipment, and vehicles for the police, parks, arts and recreation departments and City libraries, (iv) designing, constructing, improving and equipping parks and recreation facilities that are generally accessible to the public and are part of the City park system, (v) designing, acquiring, constructing, improving and maintaining City streets, thoroughfares, intersections, bridges, sidewalks, and pathways, including related traffic signalization and signage, lighting, ADA accessibility, beautification, traffic management equipment, and utility relocations, (vi) acquiring and installing telecommunications, wireless communications, and information technology systems, hardware, software, and equipment for various City departments, and (vii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City’s Water and Wastewater System.  In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City’s outstanding public securities secured by and payable from ad valorem taxes is $474,759,000; (ii) the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $603,065,596; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $88,098,278; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is February 15, 2043.  The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended. 

Mona Lisa Galicia, City Secretary 
City of Grand Prairie, Texas