City Council Approves Resolution for Sale of Certificates of Obligation

At its June 13 meeting, the City Council approved a resolution authorizing the publication of a notice of intention to issue Certificates of Obligation (CO). The Town plans to issue COs not exceeding $4,600,000 for proposed public infrastructure improvements at Vitruvian Park and roadway enhancement projects at the Addison Airport. The notice will be published in The Dallas Morning News for two consecutive weeks but is also posted on the Town's website.

Up to $2,050,000 of the CO issuance will be dedicated to public infrastructure enhancements at Vitruvian Park. The Town committed approximately $50 million, with $37 million already invested in public infrastructure at the park. The Town will have approximately $11 million remaining for further investment in Vitruvian Park.

The remaining $2,550,000 will be used to fund planned roadway capital improvement projects connected to the Addison Airport. The revenue from the Addison Airport will service these projects, including the reconstruction of Jimmy Doolittle Drive and the east side airport service road.

The total potential issuance amount was raised by $100,000 from the initial presentation on May 23, 2023, due to fluctuations in the bond market. In the event that the sale does not generate a premium, the proceeds, minus issuance costs, will provide $4.5 million in project funds.

You can watch Council's bond issuance discussion here and read the presentation here.