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City of Mansfield Annual Budget and Service Program Fiscal Year 2025-2026 Table of Contents

Bond Counsel
The City will retain an external bond counsel. Bond Counsel must have comprehensive municipal
debt experience and experience in diverse financial structuring requirements. Bond Counsel must
also be of reputable character and in good standing with the Texas Law Review Board.

Other Service Providers
The City shall select other service providers (e.g. escrow agents, verification agents, trustees,
arbitrage consultants, etc.) as necessary to meet legal requirements and minimize net City debt
costs.

Arbitrage Compliance
The City shall maintain its books and records in a manner consistent with the provision allowed
under the Internal Revenue Code Section 148. Furthermore, the City shall have its arbitrage
exposure calculated annually and appropriately recognized in the City’s Annual Comprehensive
Financial Statement.

Investment in Bond Proceeds
All bond proceeds shall be invested in accordance with the City Investment Policy. The proceeds
shall be invested as part of the City’s consolidated cash pool and accounted for separately and
according to bond covenants and the Internal Revenue Code.

Early Payment of Debt

In the past several years, the City has been able to make early payments towards debt obligations,
saving the taxpayers over $4,000,000 in interest. It is the City Manager’s intention to make early
payments whenever possible.

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