HomeMy WebLinkAboutRES 990427-R - Intent Issue Cet of ObligationRELATED THERETO
THE STATE OF TEXAS §
CITY OF GEORGETOWN §
r OF WILLIAMSO
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 and equipping new fire station and purchase of the necessary site, (2) facilities
expansion including expansion of City offices, library and utilities compound, (3) land purchase for
public safety facility, (4) transportation projects including new road and street construction and
airport improvements, 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, the Council has deemed it advisable to give notice of intention to issue the
Certificates in a maximum principal amount not to exceed $6,760,000 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: (1) 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 City intends that approximately $1,640,000 principal amount of the
Certificates will be self - supporting through use of the airport revenues although the Certificates will
be legally payable from a pledge of ad valorem taxes and a limited pledge of the surplus revenues
of the City's utility system; 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.
�"
PAAGEN'DAk9MWW-RES.WPD 0-1 Z.0 n
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
*F GEORGETOWN,
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 5.0 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 fin-ther 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.
RESOLVED this 27th day of April, 1999.
ATTEST:
Sandra D. Lee, City Secretary
APPROVED AS TO FORM:
Marianne Landers Banks
City Attorney
o V.2- 7 -
I sm
'26
PAAGENDAk9W9"-RFS.WPD
CITY OF GEORGETOWN, TEXAS
Leo Wood Mayor
�� ♦ �
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 1999," for the purpose of paying contractual obligations incurred or to be incurred
by the City for: (1) constructing and equipping new fire station and purchase of the necessary site,
(2) facilities expansion including expansion of City offices, library and utilities compound, (3) land
purchase for public safety facility, (4) transportation projects including new road and street
construction and airport improvements, 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 introduce for first reading at a
meeting to commence at 7 o'clock, p.m., on the 1 lth day of May, 1999 and to consider for final
passage at a meeting to commence at 7 o'clock, p.m., on the 25th day of May, 1999, an ordinance
authorizing such Certificates of Obligation at the City Hall, 609 Main, Georgetown, Texas which
ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF
GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LIMI'T'ED REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1999; 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/R.EGISTRAR 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 $6,760,000. 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, 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.
CITY OF GEORGETOWN, TEXAS
PAAGENDAW9W9C0 RES.WPD