Title
Consider/Discuss/Act on an Ordinance Authorizing the Issuance of Tax Notes, Series 2014
Summary
MEETING DATE: September 2, 2014
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Ordinance
ITEM SUMMARY:
· The City is issuing new Tax Notes not to exceed:
o $5,600,000 for the acquisition, installation and improvement of municipal information technology systems and professional services rendered
· These services will replace the existing system(s) and will provide for a modernized enterprise resource planning (ERP) solution.
BACKGROUND INFORMATION:
· The existing system was installed in 1996 and is running on a technology platform that is antiquated and not compatible with other software systems.
· This software will enable the City to standardize systems which will ease with integration of other software systems.
· Council approved the publication of the Notice of Intent to Issue on July 15, 2014
o Printed in The Dallas Morning News on August 1 and August 8
FINANCIAL SUMMARY:
· The issuance of these Tax Notes will be financed over a 5 year period and would be paid off prior to the end of the system's useful life
BOARD OR COMMISSION RECOMMENDATION: N/A