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HomeMy WebLinkAboutRES 031307-X - Cert of Obligation Tax & RevRESOLUTION NO. 0 RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2007; AND OTHER MATTERS RELATED THERETO THE STATE OF TEXAS § CITY OF GEORGETOWN § COUNTY OF WILLIAMSON § WHEREAS, the City Council (the "Council") ofthe City of Georgetown, Texas (the "City") finds that the payment in whole or in part of contractual obligations incurred or to be incurred for: (1) constructing, improving, renovating and/or equipping a City recreation center and related infrastructure and improvements; (2) constructing, improving, renovating and/or equipping a City technology center and related infrastructure and improvements; (3) landfill cleanup (4) needs assessment and preliminary costs related to constructing, improving, renovating and/or equipping the old City hbrary; (5) expanding and improving the City cemetery; (6) constructing, improving, renovating and/or equipping City park and recreational facilities and purchasing any necessary sites including natural springs purchase and Holly Street parking lot; (7) preparation of downtown master plan; (8) acquisition of street construction equipment; (9) acquisition of City vehicles, including fire apparatus and public safety vehicles; (10) construction of City sidewalks; (11) radio equipment upgrade; (12) acquisition of computer equipment and (13) piofessional services including fiscal, engineering, architectural and legal fees and other such costs incurred in connection therewith including the costs of issuing the Certificates (the "Contractual Obligations") would be beneficial to the inhabitants of the City and are needed to perform essential City functions; and WHEREAS, the Council has deemed it advisable to give notice of intention to issue the Certificates in a maximum principal amount not to exceed $8,200,000 pursuant to the provisions of the Certificate of Obligation Act of 1971, Section 271.041 et seq., Local Government Code (the "Act") for the purpose of financing the Contractual Obligations; and WHEREAS, prior to the issuance of the Certificates, the City is required under the Act to publishnotice ofits intention to issue the Certificates in a newspaper ofgeneral circulation in the City, the notice stating (i) the time and place tentatively set for the passage of the ordinance authorizing the issuance of the Certificates, (ii) the maximum amount and purpose of the Certificates to be authorized, and (iii) the manner in which the Certificates will be paid; and WHEREAS, the meeting at which this Resolution is adopted was open to the public and public notice ofthe time place and purpose of the meeting was given, all as required by Chapter 551, Texas Government Code, as amended. OTOY NCO2007; No ;cc I NOW, THEREFORE, BE IT RH;SOLVN,D BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: 1. Attached hereto as Exhibit "A" is a fonn ofthe Notice oflntention to issue the Certificates the form and substance of which is hereby adopted and approved. 2. The City Secretary or other authorized representatives of the City, shall cause the notice to be published in substantially the form attached hereto, in a newspaper of general circulation in the City, for two consecutive weeks, the date of the first publication to be at least 14 days prior to the time set for the final passage of the ordinance authorizing issuance of the Certificates as shown in the notice. 3. The City Council hereby finds that the issuance of the Certificates implements the following policy of the Century Plan - Policy Plan Element: Finance Policy End 14.00 which states; "All municipal operations are conducted in an efficient, business -like manner and sufficient financial resources for both current and future needs are provided.", and further finds that the enactment of this Resolution is not inconsistent or in conflict with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan. 4. The City's Financial Advisor and Bond Counsel are hereby authorized to take all actions necessary inconnection with the issuance of the Certificates. 5. This Resolution shall become effective immediately upon adoption The Mayor and City Secretaiy are hereby authorized and directed to execute the certificate to which this Resolution is attached on behalf ofthe City and the Mayor, City Secretary and City Manager are further authorized to do any and all things proper and necessary to carry out the intent of this Resolution. GTOWNCO2007: Nancc Rcs RESOLVED this a day of March, 2007. ATTIb ST: Sandra I). Lee, City Secretary APPROVFI) AS TO FORM: Patricia Carls City Attorney GTOWNCO2007: Notice Res CITY OF GEORGI TOWN, TEXAS Crary Ndon, Mayor EXHIBIT A NOTICE OF INTENTION REGARDING CITY OF GEORGETOWN, TEXAS TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2007 AND ADOPTION OF AN ORDINANCE NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of Georgetown, Texas, to issue interest bearing certificates of obligation of the City entitled 'City of Georgetown, Texas Combination Tax and Utility System Limited Revenue Certificates of Obligation, Series 2007," for the purpose of paying contractual obligations incurred or to be incurred by the City for: (1) constructing improving renovating and/or equipping a City recreation center and related infrastructure and improvements; (2) constructing, improving, renovating and/or equipping a City technology center and related infrastructure and improvements; (3) landfill cleanup (4) needs assessment and preliminary costs related to constructing, improving, renovating and/or equipping the old City library; (5) expanding and improving the City cemetery; (6) constructing, improving, renovating and/or equipping City paik and recreational facilities and purchasing any necessary sites including natural springs purchase and Holly Street parking lot; (7) preparation of downtown master plan; (8) acquisition of street construction equipment; (9) acquisition of City vehicles, including fire apparatus and public safety vehicles; (10) construction of City sidewalks; (11) radio equipment upgrade; (12) acquisition of computer equipment and (13) professional services including fiscal, engineering, architectural and legal fees and other such costs incurred in connection therewith including the costs of issuing the Certificates. The City Council tentatively proposes to consider for first and final reading at a meeting to commence at 6 o'clock, p m , on the 10th day of April, 2007 at Council Chambers, 101 E. 7th Street, Georgetown, TX, 78626 the passage of an ordinance authorizing such Certificates of Obligation which ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIFS 2007; AUTHORIZING THE LEVY OF AN AD VALOREM TAX AND THE PLEDGE OF CERTAIN REVENUES IN SUPPORT OF THE CERTIFICATES; APPROVING AN OFFICIAL STATEMENT A PAYING AGENT/REGISTRAR AGREEMENT AND OTHER AGREEMENTS RELATED TO THE SALF AND ISSUANCE OF THE CERTIFICATES; AND AUTHORIZING OTHER MATTERS RELATED TO THE ISSUANCE OF THE CERTIFICATES," The maximum amount of Certificates of Obligation that may be authorized for such purpose is $8,200,000, The City Council presently proposes to provide for the payment of such Ceitificates of Obligation from the levy and collection of ad valorem taxes in the City as provided by law and from the surplus revenues of the City's utility system in an amount not to exceed $10,000, being the combined waterworks, sewer and electric system, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve and other requirements in connection with all of the City's revenue bonds or other obligations (now or hereafter outstanding) which are payable from all or any part of the net revenues of the City's utility system. CITY OF GEORGETOWN, TEXAS G1O NCO2007: Nouoe Rcs