Agenda

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AI- 44907

Commissioners Court

Meeting Date:	06/18/2018
Issuance of Tax Notes Series 2018
Submitted By:	Monika Arris
Department:	Budget/Finance
Request Type:	GENERAL

Information

Department Action

Requesting to authorize the issuance and sale of Collin County, Texas, Tax Notes, Series 2018, in the aggregate principal amount of $18,100,000; Levying a tax in payment thereof; prescribing the terms and provisions of said notes; approving a Purchase Agreement; and enacting other provisions relating to the subject.

There was a beginning FY18 balance of $20,597,415.74 in the Debt Service Fund that can be used to make the debt service payment for this Tax Note in FY19 or FY20.

Additional notes:
Previous tax note issuances:
2006 - $15,000,000 – 7 year term – for computer related equipment, equipping various County departments
2004 - $12,000,000 – 7 year term – for computer related equipment
2002 - $8,000,000 – 3 year term – for computer related equipment 2001A - $4,500,000 – 3 year term – for computer related equipment
2001 - $4,000,000 - 3 year term – purchase County vehicles, computer software and Courthouse renovations
1996 - $4,500,000 – 5 year term – renovation and purchase of furniture and fixtures

All projects funded by this Tax Note are priority capital improvement projects previously identified by Commissioners Court during the FY18 budget process.

Purchasing Department Action

No action by Purchasing.

HR and/or IT Action

Budget Department Action

Respectively requesting authorization to issue Tax Notes in the amount of $18.1 million for facility and technology projects and establish the expenditure budget. The tax notes will be fully funded by the Debt Service fund balance for a one-year term due August 2019. Budget Amendment in the amount of $18 million (Tax Note 2018 Fund) to establish the expenditure budgets for the approved projects.

Auditor's Office Action

Funds available in the Debt Service Fund. Budget amendment will be processed upon approval.

Commissioners Court

Order authorizing the issuance and sale of Collin County, Texas, Tax Notes, Series 2018, in the aggregate principal amount not to exceed $18,100,000; Levying a tax in payment thereof; prescribing the terms and provisions of said notes; approving a Purchase Agreement; and enacting other provisions relating to the subject and budget amendment to establish the expenditure budget for same, Budget.

Budget Information

Information about available funds

Budgeted:

Funds Available:

Adjustment:

Amount Available:

Unbudgeted:

Funds NOT Available:

Amendment:

Account Code(s) for Available Funds
1:

Fund Transfers

Trans Amt:

$2,200,000

From:

Tax Note 2018 Fund Balance

To:

Plano Subcourthouse Project

Dept. Name:

Additional Line Items:

Remarks:

Trans Amt:

$3,200,000

From:

Tax Note 2018 Fund Balance

To:

JP/Constable Pct 2 Project

Dept. Name:

Additional Line Items:

Remarks:

Trans Amt:

$10,200,000

From:

Tax Note 2018 Fund Balance

To:

Elections Equipment and Technology Project

Dept. Name:

Additional Line Items:

Remarks:

Trans Amt:

$1,400,000

From:

Tax Note 2018 Fund Balance

To:

Medical Examiner Building Expansion Project

Dept. Name:

Additional Line Items:

Remarks:

FY 2018 Budget Amendment in the amount of $18,000,000

Attachments
Court Order
memo
505 - 44907 Series 2018 Tax Notes - Collin County
Collin Co. Series 2018 Tax Note_Distribution List_06.14.2018
Purchase Agreement