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FEBRUARY 2022 / VOL 29 / NO 02
City Saves $60.6 Million in Refinancing Debt Over 20 Years
CityofIrving.org A N O F F I C I A L P U B L I C AT I O N O F T H E C I T Y O F I R V I N G
2022 NORTH TEXAS TEEN BOOK FESTIVAL The two-day North Texas Teen Book Festival (NTTBF) event returns March 4-5 with a hybrid of in-person and virtual viewing options.
Irving City Council recently took action to issue General Obligation Pension Bonds at a lower interest rate, resulting in more than $60.6 million in savings over the next 20 years. By taking advantage of historically low interest rates, the city capitalized on the opportunity to refinance existing pension obligation debt in a way that is like refinancing a home loan at a lower interest rate.
The true interest cost on the bonds was 2.65% over the 20-year life of the bonds, which is significantly lower than the 6.75% assumed average rate of return for both TMRS and SBP. The savings associated with the bonds totaled $44,213,904 — $28,878,195 for TMRS and $15,335,709 for SBP. Shortening the duration of the amortization period for TMRS saved an additional $16,424,414. The
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Upcoming capital improvement projects along Hard Rock Road and Pioneer Drive include concrete roadway paving, drainage and street lights.
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The city issued $86.22 million in General Obligation Pension Bonds on Nov. 15, 2021, to fund the Unfunded Actuarial Accrued Liability for two of the city’s pension plans for employees: Texas Municipal Retirement System (TMRS) and Supplemental Benefit Plan (SBP). The bonds have a 20-year life, which was the same duration as the prior service amortization period for SBP, but the amortization period for TMRS was shortened by four years, resulting in additional savings.
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IRVING, TX PERMIT NO. 883
Check out exhibitions in the art galleries, attend a The Irving Public Library's Royal Reads, 2022 performance or participate in art programs for youth Adult Winter Reading Challenge, continues with and family at the Irving Arts Center. special events and prizes to win. AN OFFICIAL PUBLICATION OF THE CITY OF IRVING
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total projected savings to the city over the next 20 years is more than $60.6 million or 34.83%. The city’s third pension plan, the Irving Firemen’s Relief and Retirement Fund (FRRF), is a separate fund for Irving’s Fire civil service employees. The city is currently working with the board of the FRRF to issue pension bonds for a significant portion of the FRRF’s actuarial liability. If interest rates remain favorable, the city anticipates issuing pension bonds for the FRRF in the next few months resulting in additional long-term savings. n
NTTBF Virtual School Day, March 4 Educators, students and librarians are invited to NTTBF22 School Day, March 4, hosted on the festival’s YouTube channel. Panels featured on School Day will be available for on-demand viewing for a limited time following the event, allowing eligible teachers to earn Continuing Education credit with Education Service Centers in Regions 10 and 11. Festival Day, March 5 NTTBF is back March 5 at the Irving Convention Center, 500 W. Las Colinas Blvd., with an inperson celebration that will have tween, teen and older Middle Grade and Young Adult fans rejoicing about reading! Festival Day features over 40 debut writers and bestselling authors. Visit NTTBF.com for the full author list. Call for Volunteers NTTBF event planners are looking to the community for adult volunteer help. Organizers need volunteers ages 18 and older to help on March 5. Call (972) 721-4612 for more information about volunteering. This project is supported in part by an award from the National Endowment for the Arts. Visit NTTBF.com or follow @NTTBFest on Facebook and Twitter for more information. n
ADOPT A LOVABLE COMPANION FEB. 8-12 Looking for love? Irving residents can find a new pet to love during the Irving Animal Care Campus’ adoption special Feb. 8-12. During that week, all pets 1 year and older are $20 to adopt at the care campus, 4140 Valley View Lane. Adopted animals will be: ● Up-to-date on vaccinations, including rabies if the animal is more than 4 months old. ● Spayed or neutered. ● Given a general dewormer and treated for fleas and ticks. ● Microchipped and registered with 24PetWatch.com. ● Heartworm tested (dogs over 6 months old). ● FeLV/FIV tested (cats over 6 months old). ● Given 30 days of 24PetWatch pet insurance (with a valid email address). ● Given a sample bag of Science Diet food. Adoptions must be processed 30 minutes before closing. For shelter hours and more details, visit CityofIrving.org/ Animal-Services. n