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HomeMy WebLinkAboutRES 970211-L - Intent Utility Revenue BondCERTIFICATE FOR RESOLUTION Wo zll- L THE STATE OF TEXAS § CITY OF GEORGETOWN § We, the undersigned officers of the City of Georgetown, Texas (the "City"), hereby certify as follows: 1. The City Council of the City (the "Council") convened in REGULAR MEETING ON THE 11TH DAY OF FEBRUARY, 1997, at the City Hall (the "Meeting"), and the roll was called of the duly constituted officers and members of the City, to wit: Leo Wood, Mayor George Arroyos - Councilmember District 1 Shelley Davis - Councilmember District 2 Susan Hoyt - Councilmember District 3 Lee Bain - Councilmember District 4 Dick Vincent - Councilmember District 5 Charles Burson - Councilmember District 6 Ferd Tonn - Councilmember District 7 and all of the persons were present, except the following absentees: , thus constituting a quorum. Whereupon, among other business, the following was transacted at the meeting: a written RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS UTILITY SYSTEM REVENUE AND REFUNDING BONDS, SERIES 1997 AND CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 1997; AND OTHER MATTERS RELATED THERETO was duly introduced for the consideration of the Council. It was then duly moved and seconded that the Resolution be adopted; and, after due discussion, the motion carrying with it the adoption of the Resolution, prevailed and carried by the following vote: AYES: P� NOES: C February 5, 1997 Page 1 OF 2 RIAGENDAI971BONDSW OTICE.CRT 2. A true, full and correct copy of the aforesaid Resolution passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that the Resolution has been duly recorded in the Council's minutes of the Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from the Council's minutes of the Meeting pertaining to the passage of the Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of the Council as indicated therein; that each of the officers and members of the Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid 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 Meeting for such 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, Government Code, as amended. SIGNED AND SEALED this 114X o7C/Gbruary, City Secretary City of Georgetown (SEAL) February 5, 1997 Page 2 OF 2 F: AGENDA\971BONDSWOTICE.CRT Mayor City of Georgetown '-Resolufion M0. q?0111- L. RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS UTILITY SYSTEM REVENUE AND REFUNDING BONDS, SERIES 1997 AND CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 1997; AND OTHER MATTERS RELATED THERETO THE STATE OF TEXAS § CITY OF GEORGETOWN § WHEREAS,the City Council (the "Council") of the City of Georgetown, Texas (the "City") has determined it to be in the City's best interest to issue its Utility System Revenue and Refunding Bonds, Series 1997 (the "Utility Bonds") and its Combination Tax and Utility System Limited Revenue Certificates of Obligation, Series 1997 (the "Certificates") to accomplish certain improvements within the City; and WHEREAS, the City finds that the payment in whole or in part of contractual obligations incurred or to be incurred for electric, water and wastewater improvements to the system including (1) acquiring an automated meter reading system, (ii) advance refunding a portion of the City's outstanding utility system revenue bonds and (iii) paying the costs associated with the issuance of the Bonds (collectively the "Improvements") 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 Utility Bonds in a maximum principal amount not to exceed $6,950,000 pursuant to the provisions of Article 1111-1118 Vernon's Annotated Texas Civil Statutes, as amended for the purpose of financing the Improvements; and WHEREAS, prior to the issuance of the Utility Bonds, the City is required under Article 2368a and Chapter 252, Local Government Code to publish notice of its intention to issue the Utility Bonds in a newspaper of general circulation in the City; and WHEREAS,the City further finds that the payment in whole or in part of contractual obligations incurred or to be incurred for permanent improvements within the City including (1) constructing and equipping a new fire station, (ii) constructing certain street improvements including acquisition of right-of-way, (iii) acquiring land for a public safety facility and (iv) paying the costs of issuance associated with the sale of the Certificates (the "Contractual Obligations") would be beneficial to the inhabitants of the City and are needed to perform essential City functions; and Febnmiy 6, 1997 Page 1 US FAAGENDAVABONMBOND PES.WPD ?des. 41702-// -,L WHEREAS,the Council has deemed it advisable to give notice of intention to issue the Certificates in a maximum principal amount not to exceed $5,195,000 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 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; and WHEREAS, the issuance of the Utility Bonds and the Certificates implements Finance Policy 4 of the Century Plan - Policy Plan Element. 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 Utility Bonds, the form and substance of which is hereby adopted and approved. 2. Attached hereto as Exhibit "B" is a form of the Notice of Intention to issue the Certificates the form and substance of which is hereby adopted and approved. 3. The City Secretary or other authorized representatives of the City, shall cause each of the notices to be published in substantially the form attached hereto, in a newspaper of general circulation in the City, once a week 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 ordinances authorizing issuance of the Bonds and Certificates, respectively, as shown in the notice. 4. The City Council hereby finds that the issuance of the Utility Bonds and the Certificates implements the Finance Policy End 5.0 of the Century Plan - Policv Plan Element, which states "All municipal operations are conducted in an efficient business -like manner and sufficient financial resources for both short-term and long-term needs are provided"; and Economic Development Policy End 1.0 which states "Georgetown's economy is self-sustaining through diversified growth, a broad tax base with minimal impact from economic fluctuation, enhanced business opportunity and job creation"; 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. Febcu uy 6, 1997 Page 2 ot5 F:WGENDAWWNDSSOND_RES.WPD JQeS. 4?D 2 //- L 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 including approving appropriate changes to the notices attached hereto. RESOLVED this 11th day of February, 1997. ATTEST: THE CITY OF GEORGETOWN: Sandra D. Lee By: Leo Wood City Secretary Mayor APPROVED AS TO FORM: Marianne Landers Banks City Attorney Febcuaiy 6, 1997 Page 3 of 5 FAAGENDA\97WNMB0ND RES.WPD Res. g?oz��- c. EXHIBIT A CITY OF GEORGETOWN, TEXAS NOTICE OF INTENTION TO ISSUE UTILITY SYSTEM REVENUE AND REFUNDING BONDS, SERIES 1997, IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $6,950,000 NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of Georgetown, Texas, to issue revenue and refunding bonds of the City entitled "City of Georgetown, Texas Utility System Revenue and Refunding Bonds, Series 1997." The Bonds will be payable from, together with other outstanding utility system revenue bonds, and secured by a first lien on and pledge of the Net Revenues of the City's Combined Electric, Water and Wastewater Utility System, all as will be further described, defined and provided in the Ordinance authorizing the bonds. The bonds will bear interest from their date at a maximum rate not to exceed 15% per annum, being the maximum permitted by Article 717k-2, V.A.T.C.S., and will be scheduled to mature serially within a maximum of not to exceed 40 years from their date, and will be subject to redemption prior to maturity, and will have such other and further characteristics as will be provided in the aforesaid Ordinance. The bonds will be authorized, issued, sold and delivered pursuant to Articles 1111 through 1118, V.A.T.C.S., and other applicable laws, for the purpose of paying in whole or in part contractual obligations incurred or to be incurred for electric, water and wastewater improvements to the system including (1) acquiring an automated meter reading system, (ii) advance refunding a portion of the City's outstanding utility system revenue bonds and (iii) paying the costs associated with the issuance of the bonds. The City Council tentatively proposes to introduce for first reading at a meeting to commence at 7 o'clock, p.m., on the 25th day of February, 1997 and to consider for final passage at a meeting to commence at 7 o'clock, p.m., on the 11th day of March 1997, an ordinance authorizing such bonds at the City Hall, 113 E. 8th Street, Georgetown, Texas which ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF GEORGETOWN, TEXAS UTILITY SYSTEM REVENUE AND REFUNDING BONDS, SERIES 1997; AUTHORIZING THE PLEDGE OF CERTAIN NET REVENUES; APPROVING AN OFFICIAL STATEMENT, A PURCHASE CONTRACT, A PAYING AGENT/REGISTRAR AGREEMENT AND A LETTER OF REPRESENTATIONS WITH THE DEPOSITORY TRUST COMPANY; AND AUTHORIZING OTHER MATTERS RELATED TO THE ISSUANCE OF THE BONDS." The maximum amount of bonds that may be authorized for such purpose is $6,950,000. CITY OF GEORGETOWN, TEXAS Leo Wood, Mayor February 6, 1997 Page 4 f 5 F:WGENDA�97WNDS\BGND RE S.WPD o Res. 9'70 21,1 L EXHIBIT B CITY OF GEORGETOWN, TEXAS NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND UTILITY SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 1997 IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $5,195,000 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 1997," for the purpose of paying contractual obligations incurred or to be incurred by the City for permanent improvements within the City including (1) constructing and equipping a new fire station, (ii) constructing certain street improvements including acquisition of right of way, (iii) acquiring land for a public safety facility and (iv) paying the costs of issuance associated with the sale of 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 25th day of February, 1997 and to consider for final passage at a meeting to commence at 7 o'clock, p.m., on the 11th day of March 1997, an ordinance authorizing such Certificates of Obligation at the City Hall, 113 E. 8th Street, Georgetown, Texas 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 1997; AUTHORIZING THE LEVY OF AN AD VALOREM TAX AND THE PLEDGE OF CERTAIN REVENUES IN SUPPORT OF THE CERTIFICATES; APPROVING AN OFFICIAL STATEMENT, A PURCHASE CONTRACT, A PAYING AGENT/REGISTRAR AGREEMENT AND A LETTER OF REPRESENTATIONS WITH THE DEPOSITORY TRUST COMPANY; 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 $5,195,000. 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 a limited pledge (not to exceed $10,000) of the net revenues of the City's utility system, being the combined electric, water and wastewater 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 Leo Wood, Mayor February 6,1997 Page 5 of 5 FAAGENDA\97\B0NDSWND KES.WPD Wes 99021/- L CITY OF GEORGETOWN - Bond Uses Combination Tax & Revenue Certificates of Obligation, Series 1997 Fire Station III - Sun City Public Safety Facility (Land) Street Projects: Right of Way Acquisition - Leander Road $ 700,000 Northwest Blvd to Serenada 787,500 15th Street (Maple to Church) 645,000 Hutto to Maple 110,000 Lakeway Drive 725,000 Railroad Street 507,500 Total Street Improvements Underwriter's Discount & Issuance Cost TOTAL CERT1FlCATES OF OBLIGATION USE Utility System Revenue Bonds, Series 1997 Customer Choice & Control System (automated meter reading system) Refunding Escrow, Debt Service Reserve and Cost of Issuance ...................................................................................................................... TOTAL;I?TILITY SYSTEM=REVEN.W BOND USES $ 1,400,000 3,475,000 120,000 $ 5,1952000 $ 4,000,000 2,950,000 $ 619501000'