The City Council of Grand Prairie is scheduled to convene on January 16, 2024, at 6:30 p.m. in the City Council chambers at 300 W. Main Street, Grand Prairie, Texas. During this meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation totaling $60,800,000.
The proposed funds are intended for various municipal projects and obligations. These include the renovation, improvement, and equipping of existing municipal buildings and facilities, such as HVAC system repairs and replacements, roof repairs and replacements, electrical and power generator improvements, fire safety enhancements, security measures, 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.
Additionally, the funds will be allocated for designing, constructing, improving, and equipping fire stations, fire department facilities, emergency operations center, and police facilities, including administrative offices. Other designated purposes include acquiring materials, equipment, and vehicles for the police, parks, arts and recreation departments, and City libraries.
The scope of the project also covers designing, constructing, improving, and equipping parks and recreation facilities accessible to the public and part of the City park system. Furthermore, funds will be used for 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.
The issuance of certificates will also facilitate the acquisition and installation of telecommunications, wireless communications, and information technology systems, hardware, software, and equipment for various City departments. Professional services rendered in connection with these projects are also included.
According to Texas Local Government Code Section 271.049, the City provided the following details:
- The current principal amount of all outstanding public securities secured by and payable from ad valorem taxes is $474,759,000.
- The current combined principal and interest required to pay all outstanding public securities on time and in full is $603,065,596.
- 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.
- The maximum interest rate for the certificates may not exceed the maximum legal interest rate.
- The maximum maturity date of the certificates to be authorized is February 15, 2043.
These certificates will be issued in accordance with Texas Local Government Code, Subchapter C of Chapter 271, as amended.
