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HomeMy WebLinkAboutRES 041007-R - GTEC Sales Tax Revenue BondCERTIFICATE FOR RESOLUTION 0 /007®R THE STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF GEORGETOWN We, the undersigned officers and members of the City of Georgetown, Texas (the "City"), hereby certify as follows: 1. The City Council of the City convened in a REGULAR MEETING ON THE 10TH DAY OF APRIL, 2007, at the City Hall (the "Meeting '), and the roll was called of the duly constituted officers and members of the City, to -wit: Gary Nelon, Mayor Doug Smith, Mayor Pro Tem, Councilmember District 3 Patty Eason, Councilmember District 1 Gabe Sansing, Councilmember District 2 Henry Carr, Councilmember District 4 John Kirby, Councilmember District 5 Farley Snell, Councilmember District 6 Ben Oliver, Councilmember District 7 and all of the persons were present, except the following absentees: Aill, , thus constituting a quorum. Whereupon, among other business, the following was transacted at the Meeting: a written RESOLUTION APPROVING A RESOLUTION OF THE GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION WITH RESPECT TO THE ISSUANCE OF SENIOR LIEN SALES TAX REVENUE BONDS, SERIES 2007; CONFIRMING AND AMENDING A SALES TAX REMITTANCE AGREEMENT AND DEBT ADMINISTRATION PROJECT CONTRACT AND OTHER MATTERS RELATED TO THE ISSUANCE OF THE BONDS was duly introduced for the consideration of the City Council. It was then duly moved and seconded that the Resolution be passed; and, after due discussion, said motion carrying with it the passage of the Resolution, prevailed and carried by the following vote: AYES NOES: 0 2. A true, full and correct copy of the Resolution passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that the Resolution has GTEC/CityApprovResCat. been duly recorded in the City Council's minutes of the Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from the City Council's minutes ofthe Meeting pertaining to the passage of the Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of the City Council as indicated therein; that each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the Meeting, and that the Resolution would be introduced and considered for passage at the Meeting, and each of the officers and members consented, in advance, to the holding ofthe Meeting for such purpose, and that the Meeting was open to the public and public notice of the time, place and purpose of the meeting was given, all as required by Chapter 551, Government Code, as amended. GTEC/CityApprovResCat SIGNED AND SEALED the City Secretary [SEAL] GTEC/CityApprovResCat e OSl1OO7 RESOLUTION APPROVING A RESOLUTION OF THE GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION WITH RESPECT TO THE ISSUANCE OF SENIOR LIEN SALES TAX REVENUE BONDS, SERIES 2007; CONFIRMING AND AMENDING A SALES TAX REMITTANCE AGREEMENT AND DEBT ADMINISTRATION PROJECT CONTRACT AND OTHER MATTERS RELATED TO THE ISSUANCE OF THE BONDS STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF GEORGETOWN WHEREAS, the Georgetown Transportation Enhancement Corporation (the "Issuer") was created under the auspices of the City of Georgetown Texas ("the City") pursuant to Section 4B of the Development Corporation Act of 1979, as amended (Article 5190.6, V.A.T.C.S.); and WHEREAS, at an election held on May 5, 2001, a majority of the citizens of the City voting at said election authorized the City to levy a sales and use tax on the receipts at retail of taxable items within the City at a rate of one-half of one percent; and WHEREAS, the Issuer has determined to issue bonds to provide funds to finance the construction and improvements of streets, roads, drainage and other related transportation system improvements that are necessary to promote or develop new or expanded business enterprises, encourage employment andthe public welfare through the development of transportation facilities, as described in the City`s Transportation Capital Improvement Plan (the "Project"); and WHEREAS, the City Council of the City desires to provide for the timely transfer to the Issuer ofthe proceeds of the aforesaid sales and use tax, in accordance with the provisions ofthe Act, to be used by the Issuer to repay the bonds sold to finance the Project; and WHEREAS, on April 10, 2007, the Board of Directors of the Issuer adopted a resolution, attached hereto as Exhibit "A", which authorizes the issuance of $12,115,000 in principal amount of Senior Lien Sales Tax Revenue Bonds, Series 2007 (the "Bonds"), to pay all or a portion ofthe costs of the Project; and WHEREAS, in accordance with the provisions of Section 4R of the Act, the City shall timely transfer to the Issuer the proceeds of the aforesaid sales and use tax, m accordance with the terms and conditions of that certain Sales Tax Remittance Agreement, dated as of April 25, 2006 as amended and restated as of April 10, 2007, between the City and the Issuer, m substantially the form attached hereto as Exhibit "B", and such funds shall be maintained by the Depository of the City and accounted for separately by the City on behalf of the Issuer; and WHEREAS, the City and the Issuer shall cooperate with respect to the acquisition and construction of the Project in accordance with the terms and conditions of that certain Project Contract, dated as of April 3, 2007, between the City and the Issuer, in substantially the form GTEC: CityApprovingRcs 44/1007- attached hereto as Exhibit "C"; and WHEREAS, it is deemed necessary and advisable that this Resolution be adopted by the City Council of the City (hereinafter referred to as the "City Council"). THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: Section 1. Approval of the Bonds and the Bond Resolution. The resolution of the Issuer entitled "Georgetown Transportation Enhancement Corporation Senior Lien Sales Tax Revenue Bonds, Series 2007; Approving a Paying Agent/Registrar Agreement, a Sales Tax Remittance Agreement a Bond Purchase Agreement; Approving an Official Statement; and Approving Other Matters Related Thereto," in substantially the form and substance as attached to this Resolution as Exhibit "A" and made a part hereof for all purposes, is hereby approved, and Bonds in the principal amount of $ may be issued by the Issuer pursuant thereto for the purpose ofpaying a portion of the cost of constructing and acquiring the Project, as defined and described therein, which Project is in compliance with the Development Corporation Act of 1979, as amended and said Project is hereby approved. Section 2. Approval of Sales Tax Remittance Agreement. The Sales Tax Remittance Agreement attached hereto in substantially final form as Exhibit "B" is hereby approved, and the Mayor and City Secretary of the City are authorized to approve any changes and execute the Sales Tax Remittance Agreement on behalf of the City. Section 3. Approval of Project Agreement. The Project Agreement attached hereto in substantially final form as Fxhibit "C" is hereby approved, and the Mayor and City Secretary of the City are authorized to appiove any changes and execute the Project Agreement on behalf of the City. Section 4. Execution of Documents; No Liability of the City. The City Council of the City hereby authorizes the Mayor, the City Manager, the Assistant City Manager and the City Secretary to execute on behalf of the City all documents deemed necessary in connection with the issuance of the Bonds and the agreements approved by this Resolution. The City shall have no liability for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds. Section 5. Incorporation of Recitals. The findings and preambles set forth in this Resolution are hereby incorporated into this Resolution and made a part hereof for all purposes. Section 6. Effective Date. This Resolution shall become effective immediately upon passage. GTEC: CityApprovingRes Res. a'/!Q©? PASSED AND APPROVED this ATTEST: City Secretary, Sandra Lee City of C7eorgetown, Texas [SEAL] GTEC'. CityApprovingRes c ioo7- day of �`` %L , 2007. Mayor .ry Nelon City of eorgetown, Texas