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HomeMy WebLinkAboutRES 032205-R - Cert of Obligation Series 2005RESOLUTION NO. 032205 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 2005; 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, bndges, 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 the IH35 Frontage Road at Wolf Ranch the NE Inner Loop at Lakeway, the Southwest Bypass and the Arterial SE1, (2) constructing and improving storm water drainage improvements within the City, (3) acquisition, design, construction, improvement and/or equipment of City buildings, including the Williamson County Appraisal Building, the Parks Administration Building and the Grace Heritage Center (4) acquisition, design, construction, improvement and/or equipment of fire stations, including the purchase of a fire truck, (5) constructing, improving renovating and/or equipping City parks and purchasing any necessary sites therefor, (6) acquisition of City vehicles including pohce vehicles (7) acquisition of information technology equipment for the City, including portable 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 $8,800,000 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 GTOWNICO2005: Notic,e Rn. S. 03220 Page / ©f3 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. 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 pnor 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 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. O COWN/CO2IXi5: Notice Res. ©3 22 05 2 0'P3 RESOLVED this 22nd day of March, 2005. A1"lEST: CITY OF GEORGETOWN, TEXAS Sandra D Lee, City Secretary APPROVED AS TO FORM: Patricia arls City Attorney GTOWN/CO2005: Notice Res. Res. 032Z ©SPA e e 3©l,3 ry Nelon, Mayor EXHIBIT A NOTICE OF INTENTION REGARDING CITY OF GEORGETOWN, TEXAS TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2005 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 Obhgation, Series 2005," for the purpose of paying 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 the IH35 Frontage Road at Wolf Ranch, the NE Inner Loop at Lakeway, the Southwest Bypass and the Artenal SE1 (2) constructing and improving storm water drainage improvements within the City, (3) acquisition, design, construction, improvement and/or equipment of City buildings, including the Williamson County Appraisal Building, the Parks Administration Building and the Grace Heritage Center, (4) acquisition design, construction, improvement and/or equipment of fire stations, including the purchase of a fire truck (5) constructing improving, renovating and/or equipping City parks and purchasing any necessary sites therefor, (6) acquisition of City vehicles, including police vehicles, (7) acquisition of information technology equipment for the City, including portable 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 26th day of Apnl, 2005 at Council Chambers, 101 E 7th Street, Georgetown, TX, 78626, Georgetown, Texas the passage of an ordinance authonzing such Certificates of Obligation which ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF GEORGETOWN, 1 EXAS COMBINATION TAX AND U 11LITY SYSTEM LIMI TED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2005; AUTHORIZING THE LEVY OF AN AD VALOREM TAX AND THE PLEDGE OF CERTAIN REVENUES IN SUPPORT OF THE CER TIP ICA 1 ES; APPROVING AN OFFICIAL STATEMENT, A PAYING AGENT/REGISTRAR AGREEMENT AND OTHER AGREEMENTS RELATED TO THE SALE AND ISSUANCE OF THE CER 1'1} ICATES; AND AUTHORIZING OTHER MA 1 ItRS RELATED TO THE ISSUANCE OF THE CERTIFICA I ES " The maximum amount of Certificates of Obligation that may be authorized for such purpose is $8 800,000. 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 obhgations (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,CO2005: Na:M Res.