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HomeMy WebLinkAboutRES 032701-N - Issue Combo Tax & Utility CORESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2001; 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) construction, acquisition, renovation and equipment of city facilities including animal shelter, city offices and city hall, (2) acquisition, construction and equipment of City parks and park improvements, and (3) 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 fiu-ictions; 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 $5,470,000 pursuant to the provisions of the Certificate of Obligation Act of 1971, Section 271.041 et seq., Local Government Code (the "Act ") for the puupose 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. 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 ofthe 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 GTOWN /CO2001: Noti -.Rcs e 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 14.04 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 marketing 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. GTOWNICO2001: Noticc.Res eeya $ Q � Pie C2- 6-� RESOLVED this 27th day of March, 2001. ATTEST: Sandra D. Lee, City Secretary Marianne Landers Banks City Attorney GTOWN/CO2001: N.6-..� 4T 3 CITY OF GEORGETOWN, TEXAS Mmy Ellen Kersch, MaYor EXHIBIT A NOTICE OF INTENTION REGARDING CITY OF GEORGETOWN, TEXAS TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2001 AND ADOPTION OF CERTAIN ORDINANCES 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 andUtility System Limited Revenue Certificates of Obligation, Series 2001," for the purpose of paying contractual obligations incurred or to be incurred by the City for: (1) construction, acquisition, renovation and equipment of city facilities including animal shelter, city offices and city hall, (2) acquisition, construction and equipment of City parks and park improvements, and (3) 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 introduce for first reading at a meeting to commence at 7 o'clock, p.m., on the l Oth day of April, 2001 and to consider for final passage at a meeting to commence at 7 o'clock, p.m., on the 24th day of April, 2001 an ordinance authorizing such Certificates of Obligation at the City Hall, 609 Main Street, Georgetown, Texas which ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LMTED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2001; 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 $5,470,000. 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 and 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. NOTICE IS HEREBY FURTHER GIVEN that it is also the intention of the City Council of the City of Georgetown, Texas, to introduce for first reading at a meeting to commence at 7 o'clock, p.m., on the 10th day of April, 2001 and to consider for final passage at a meeting to commence at 7 o'clock, p.m., on the 24th day of April, 2001 at the City Hall, 609 Main Street, Georgetown, Texas an ordinance entitled "ORDINANCE AUTHORIZING CITY OF GEORGETOWN, TEXAS UTILITY SYSTEM REVENUE BONDS, SERIES 2001; APPROVING AND AUTHORIZING AN OFFICIAL STATEMENT, A PAYING AGENT/REGISTRAR AGREEMENT AND OTHER AGREEMENTS RELATED TO THE ISSUANCE AND SALE OF THE BONDS; AND AUTHORIZING OTHER MATTERS RELATED TO THE ISSUANCE OF THE BONDS." CITY OF GEORGETOWN, TEXAS GTOWN /CO2001: Notice.Res X701 '