Title
An Ordinance Authorizing the Issuance of Obligations for the Acquisition, Construction, Expansion and Improvement of Municipal Facilities and Personal Property (Ordinance S-50223)
Description
This ordinance is authorizing the City Manager to issue debt on behalf of the City to fund or refinance the of costs acquiring, constructing, expanding and improving real and personal property for technology upgrades, solid waste facilities and equipment, public safety property, systems and equipment, and other municipal facilities for the City of Phoenix. The debt will be supported by a pledge of excise taxes or other available funds for such purposes, and to pay financing costs granting an exemption to Phoenix City Code section 42-18 to include indemnification and legal remedy limitations. Further this request authorizes the City Controller to receive and expend all necessary funds related to this item.
Summary
This ordinance provides authorization to issue obligations up to $180,000,000 principal amount, plus related financing costs to acquire, construct, expand and improve real and personal property.
Financial Impact
The City will pledge excise taxes or other lawfully available funds to the repayment of the obligations.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance Department.