HomeMy WebLinkAboutRES 032310-M - Cert of Obligation Tax & RevRESOLUTION NO. b3.3).OM
RESOLUTION AUTHORIZING PROCEEDING WITH ISSUANCE OF OBLIGATIONS
FOR CITY' S CAPITAL IMPROVEMENT PROGRAMS AND FURTHER DIRECTING
THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF
GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION; AND OTHER MATTERS RELATED THERETO
THE STATE OF TEXAS §
CITY OF GrO1Q4: TO%N §
COUNTY• OF WILLIAMSON • §
I WHEREAS, the City Council (the "Council") of the City of Georgetown, Texas (the "City")
has determined that it is in the best interest of the City to proceed with the issuance of general
obligation bonds ("GO Bonds"), certificates of obligation ("Certificates") and the combined electric,
Waterworks, and sewer system bonds ("Revenue Bonds") to implement the City' s capital
improvement programs; and
WHEREAS, the City Council of the City finds that the payment in whole or in part of
contractual obligations incurred or to be incurred for: (1) first phase of constructing and equipping
Fire Station No. 5 including acquisition of necessary sites; (2) constructing and improving the City's
drainage system; (3) constructing, improving, extending, expanding, upgrading and developing City
streets, bridges, sidewalks, intersections and related traffic improvements including purchasing any
necessary rights -of -way and equipment; (4) acquisition of automated meter reading infrastructure and
customer information system replacement; and (5) 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 "Contractual Obligations") would be beneficial to the inhabitants of
the City and are needed to perform essential City functions; and
WHEREAS, in furtherance of the issuance of the obligations the City Manager, Chief
Financial Officer and City staff are proceeding with preparing the necessary documents for the sale
of (i) GO Bonds in the aggregate principal amount not to exceed $1, 3 6 5, 000 for street projects as
approved by the voters at the November 4, 2008 bond election; (ii) Revenue Bonds to construct,
extend and improve the system including expansion of the Lake Georgetown water treatment plant
in an aggregate principal amount not to exceed $10,120,000 and (iii) the Certificates as described
herein for various projects as set forth on the attached "Notice of Intention to Issue Certificates of
Obligation. "; 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 $6, 575, 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
GTOWN\CO\2010: Notice Res
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WHEREAS, prior to the issuance of the Certificates, the City is required under the Act to
publish notice of its 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 ofthe meeting was given, all as required by Chapter 551,
Texas Government Code, as amended.
NOW, THEREFORE, BE- IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF•GEORGETOWN, TEXAS:
1. Attached hereto as Exhibit "A'is a form of the Notice of Intention to issue the Certificates
the form and substance of which is hereby. adopted and approved.
2 Bond Counsel to the City shall cause the notice to be published in substantially the form
attached hereto, in a newspaper ofgeneral circulation in the City, for two consecutive weeks, the date
of the first publication to be at least 30 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 Chief Financial Officer, financial advisor and bond counsel to the City are authorized
to proceed with preparing the necessary bond and offering documents to effectuate the sale ofthe GO
Bonds, the Certificates and the Revenue Bonds including making application to appropriate rating
agencies and bond insurers, if applicable.
5. This Resolution shall become effective immediately upon adoption. The Mayor and City
Secretary 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.
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RESOLVED this 23rd day of March, 2010.
ATTEST.:
APPROVED AS TO FORM
City Attorney
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CITY OF GEORGETOWN, TEXAS
Geo e Garver, Mayor
Qpc . 2.1 A ..rv1
EXHIBIT A
NOTICE OF INTENTION REGARDING
CITY OF GEORGETOWN, TEXAS
COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
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 in one or more series of interest bearing certificates of obligation of the
City entitled "City of Georgetown, Texas Combination Tax and Revenue Certificates of Obligation,"
for the purpose of paying contractual obligations incurred or to be incurred by the City for: (1) first
phase of constructing and equipping Fire Station No. 5 including acquisition of necessary sites; (2)
constructing and improving the City's drainage system; (3) constructing, improving, extending,
expanding, upgrading and developing City streets, bridges, sidewalks, intersections and related traffic
improvements including purchasing any necessary rights -of -way and equipment; (4) acquisition of
automated meter reading infrastructure and customer information system replacement; and (5)
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 27th dayy of April, 2010 at Council Chambers, 101 E 7th Street, Georgetown,
pg TX,
78626 the passage of three ordinances which ordinances shall be entitled "ORDINANCE
AUTHORIZING THE ISSUANCE OF CITY OF GEORGETOWN, TEXAS COMBINATION
TAX AND REVENUE CERTIFICATES OF OBLIGATION; AUTHORIZING THE LEVY OF AN
AD VALOREM TAX AND THE PLEDGE OF CERTAIN REVENUES IN SUPPORT OF THE
CERTIFICATES; APPROVING AN OFFICIAL S TATEMENT, A PAVING AGENT/REGISTRAR
AGREEMENT AND OTHER .AGREEMENTS RELATED TO THE SALE AND ISSUANCE OF
THE CERTIFICATES; AND AUTHORIZING OTHER MATTERS RELATED TO THE
CERTIFICATES," "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF
GEORGETOWN, TEXAS GENERAL OBLIGATION BONDS; LEVYING AN AD VALOREM
TAX IN SUPPORT OF THE BONDS; APPROVING A PAYING AGENT/REGI S TRAR
AGREEMENT, AN OFFICIAL STATEMENT, AND OTHER AGREEMENTS RELATED TO
THE SALE AND ISSUANCE OF THE BONDS; AND AUTHORIZING OTHER MATTERS
RELATED TO THE BONDS" and "ORDINANCE AUTHORIZING CITY OF GEORGETOWN,
TEXAS UTILITY SYSTEM REVENUE BONDS; AUTHORIZE\ G THE PLEDGE OF CERTAIN
REVENUES IN SUPPORT OF THE BONDS; APPROVING A PAYING AGENT/REGISTRAR
AGREEMENT, AN OFFICIAL STATEMENT, AND OTHER AGREEMENTS RELATED TO
THE SALE AND ISSUANCE OF THE BONDS; AND AUTHORIZING OTHER MATTERS
RELATED TO THE BONDS .
The maximum amount of Certificates of Obligation that may be authorized for such purpose
is $6, 575, 000.. The City Council presently proposes to provide for the payment of such Certificates
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
GTOWN\CO\2010: Notice Res
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
GTOWN\CO\2010: Notice Res
CERTIFICATE FOR RESOLUTION NO. 0 3 23 I Q ÷l
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 REGULAR MEETING ON THE 23RD
DAY OF MARCH, 2010, at Council Chambers, 101 E. 7th Street, Georgetown, Texas the
"Meeting"), and the roll wascalled of the duly constituted officers and members of the City, to -wit:
George Garver, Mayor
Gabe Sansing, Mayor Pro Tem, Councilmember District 2
Patty Eason, Councilmember District 1
Keith Brainard, Councilmember District 3
Bill Sattler, Councilmember District 4
Pat Berryman, Councilmember District 5
Dale Ross, Councilmember District 6
Ben Oliver, Councilmember District 7
&aloe.
and all of the persons were present, except the following absentees& SOn5Jn , thus constituting a
quorum. Whereupon, among other business, the following was. transacted a e Meeting: a written
RESOLUTION AUTHORIZING PROCEEDING WITH ISSUANCE OF OBLIGATIONS
FOR CITY'S CAPITAL IMPROVEMENT PROGRAMS AND FURTHER DIRECTING
THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF
GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION; AND OTHER MATTERS RELATED THERETO
was duly introduced for the consideration of the CityCouncil. It was then duly moved and seconded
y
that the Resolution be passed on first reading; and, after due discussion, said motion carrying in with
it the passage of the Resolution, prevailed and carried by the following vote
AYES:
NOES:
2. A true, full and correct copy of the Resolution passed at the Meeting described in the
above and foregoing paragraphs is attached to and follows this Certificate; that the Resolution has
been. duly recorded in the City Council's minutes. of the Meeting;that the above and foregoing
g g
paragraphs are a true, full and correct excerpt from the CityCouncil's .minutes of .the Meeting
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pertaining to the passage of the Resolution; that the persons named in the. above and foregoing
g g
paragraphs 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
GTOWN\CO\2010: NoticeResCert.
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 of the Meetings for such and
purpose,
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, Texas Government Code.
3. The Mayor of the .City has approved and hereby approves the Resolution; that the
Mayor and the City Secretary of the City have duly signed the Resolution; and that the Mayor and
the City Secretary of the City hereby declare that their signing of this Certificate shall. constitute the
signing of the attached and following copy of the Resolution for all ur pp
oses
p
GTO WN\\CO\2010: NoticeResCert.
SIGNED AND : SEALED the 23rd day of March, 2010.
City S c • retary
[CITY SEAL]
GTOWN\CO\2010: NoticeResCert..
Mayor