HomeMy WebLinkAboutRES 031406-O - Cert of Obligation 2006RESOLUTION NO. 0 2 / 6 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 2006; AND OTHER MATTERS
RELATED THERETO
THE STATE OF TEXAS §
CITY OF GEORGETOWN §
COUNTY OF WILLIAMSON §
WHEREAS, the City Council (the "Council") of the 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, extending, expanding, upgrading and/or developing City streets,
bridges, sidewalks, intersections, parking lots and other traffic improvement projects and related
costs and purchasing any necessary right-of-way and equipment therefor, including constructing and
improving a certain portion of Williams Drive and the NE Inner Loop Lakeway Bridge (2)
acquisition of City vehicles, including public safety vehicles (3) acquisition of street construction
equipment, (4) acquisition, design, construction, improvement and/or equipment of fire stations, (5)
parking lot improvements for City facilities, (6) constructing, improving, renovating and/or
equipping City parks and purchasing any necessary sites therefor, including the purchase of
recreation equipment (7) acquisition of information technology equipment for the City, including
desktop computers, and (8) 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, the Council has deemed it advisable to give notice of intention to issue the
Certificates in a maximum principal amount not to exceed $6,000,000 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
publish notice of its intention to issue the Certificates in a newspaper of general 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 of the time, place and purpose of the meeting was given, all as required by Chapter
551 Texas Government Code, as amended.
GIOWNGOREF CO TUILICEV2006: Notice Root on CO
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. 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 1 4. 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 in connection with the issuance of the Certificates.
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 of the 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.
GTOWNGORCP CO TUILRCV2006: Notice Resolution CO
RESOLVED this 14th day of March, 2006.
ATTEST:
Sandra D. Lee, City Secretary
APPROVED AS TO FORM:
Patricia Carls
City Attorney
GTOWNGOREF CO TUILREV2006; Notice Resolution CO
CIT 1OF GEORGETOWN, TEXAS
ry Nelon, Mayor
EXHIBIT A
NOTICE OF INTENTION REGARDING
CITY OF GEORGETOWN, TEXAS
TAX AND UTILITY SYSTEM LIMITED REVENUE
CERTIFICATES OF OBLIGATION,
SERIES 2006 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 2005," for the purpose of pay ing contractual obligations incurred or to be incurred
by the City for: (1) constructing, improving, extending, expanding, upgrading and/or developing
City streets, bridges, sidewalks, intersections, parking lots and other traffic improvement projects
and related costs and purchasing any necessary right-of-way and equipment therefor, including
constructing and improving a certain portion of Williams Drive and the NE Inner Loop Lakeway
Bridge (2) acquisition of City vehicles, including public safety vehicles (3) acquisition of street
construction equipment, (4) acquisition, design construction, improvement and/or equipment of fire
stations, (5) parking lot improvements for City facilities, (6) constructing, improving, renovating
and/or equipping City parks and purchasing any necessary sites therefor, including the purchase of
recreation equipment (7) acquisition of information technology equipment for the City, including
desktop computers, and (8) 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 25th day of April, 2006 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, SERIES 2006 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 SALE
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 $6 000,000. 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 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
GTOWNGORRF CO TUILREV2006: Notice Resolution CO