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Home My WebLink AboutRES 950725-Q - Intent to Issue Utility BondsTHE 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 25TH DAY OF JULY, 1995, 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 Winfred Bonner - Councilmember District 2 Susan Hoyt - Councilmember District 3 Lee Bain - Councilmember District 4 Dick Vincent - Councilmember District 5 Doris Curl - Councilinember District 6 Ferd Tonn - Councilmember District 7 and all of the persons were present, except the following absentees: 2-3eiI) , thus constituting a quorum. Whereupon, among other business, the following was transacted at the meeting: a written RESOLUTION DIRECTING THE PUBLICATION OF NOTICE F INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS UTILITY SYSTEM REVENUE BONDS, SERIES 1995A AND CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995 APPROVING THE PRELIMINARY OFFICIAL STATEMENTS; AUTHORIZING DISTRIBUTION OF SUCH PRELIMINARY OFFICIAL STATEMENTS 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 a option *f the Resolution, prevailed and carried by the following vote: AYES: NOES: 61 GEORGETOWN: NOTICH.cwr7/20195 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 I!,aragraph 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 n ified officially and personally, in advance, of the time, place and purpose of the aforesaid oti Meeting, and that the Resolution would be introduced and considered for passage at the Meeting, 2nd each of the officers and members consented, in advance, to tile 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 z x / 61 City Secretary City of Georgetown -7-) 1.1-e 5-, `'i q GHORGffOWN: N(Y1'1CR.cR,r7120)93 Mayor` City of Georgetown RESOLUTION DIRECTING THE PUBLICATION • NOTICE • INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS UTILITY SYSTEM REVENUE BONDS1 •> 1995A AND CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE CERTIFICATE, S OF OBLIGATION SERIES 1995; APPROVING THE PRELIA41NARY OFFICIAL STATEMENTS; AUTHORIZING DISTRIBUTION OF SUCH PRELIMINARY OFFICIAL STATEMENTS AND • MATTERS RELATED THERETO THE STATE OF TEXAS § CITY OF • § 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 three separate series of obligations to (i) make certain utility system improvements (the "Utility Bonds"), (ii) to make certain drainage system improvements (the "Certificates") and (iii) to refund certain of the City's outstanding general obligation bonds (the "Bonds"); and WHEREAS, the City finds that the payment in whole or in part of contractual obligations incurred or to be incurred for improvements and extensions to the City's combined electric, water and sewer system including (i) reimbursing the City for acquisition of the Berry Creek Water and Wastewater System, (ii) certain improvements necessary to provide water and wastewater service to the Sun City Georgetown Project including reimbursing the City for the costs of certain of such improvements and (iii) payment of professional services including legal, fiscal, architectural, engineering and any costs of issuance including funding a reserve fund (the "Improvements") would be beneficial to the inhabitants of the City and are needed to perform essential City functions; and ll'tilitvboncigsina=maxiinu=mtp)rinc=iDpai;a'mount- f exceeUDQ,0/-J'Fr1117 of Article I I I 1- 1118 Vernon's Annotated Texas Civil Statutes, as amended for the purpose of financing the Improvements; and WHEREAS, prior to the issuance of the Bonds, the City is required under Article 2368a • Chapter 252, Local Government Code to publish notice •, its intention to issue the 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 to be incurred for: (1) stormwater drainage improvements throughout the City and (2) paying professional services including legal, fiscal, architectural and engineering fees and other such costs 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 $725,000 pursuant to the provisions GVORGR: No riefumv int)w ,Iles, 95o7Z5- itf the Certificate of Obligation Act of 1971, Section 271.041 et seq., Local Government Code 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 C, ?uthorizing the issuance of the Certificates, (n) the maximum amount and purpose o the Certificates to be authorized, and (iii) the manner in which the Certificates will be paid; and WHEREAS, the City intends the Certificates to be self-supporting through use of the drainage fees 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 combined electric, water and wastewater system; and WHEREAS, the City Council further finds it is in the City's best interest to refund certain of its outstanding general obligation bonds in order to achieve a debt service savings; and WHEREAS, the City Council deems it appropriate to approve the Preliminary Official Statements in connection with the issuance of the Utility Bonds, the Certificates and the Bonds and to authorize the distribution of the Preliminary Official Statements as further set forth below; and WHEREAS, the meeting at which this Resolution is adopted was open to the public and r!,ublic 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, the Certificates and the Bonds implem- .• Poli4 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, 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 Bonds and Certificates, respectively, as shown in the notice. 4. The City Council hereby finds that the issuance of the Utility Bonds, the Certificates and the Bonds implements Finance Policy 4 of the Century Plan - Policy Plan Element, which states; "Tile City shall develop a strategy to provide sufficient financial resources, for both short GEORGE: NO1 W8.11KV 7120015 'We,s., q507c2-,5-(P term and long term needs", and Economic Development Policy which states "The City will Wwf broaden the tax base, and minimize the impact of economic fluctuation" - 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. 5. The City Council hereby approves the Preliminary Official Statements substantially in the forms attached hereto as Exhibit "C" with such changes, additions or deletions as directed by the City Council and the distribution of the Preliminary Official Statements is hereby approved. 6. The City's Financial Advisor and Bond Counsel are hereby authorized to take all actions necessary in connection with the marketing of the Utility Bonds, the Certificates and the Bonds. 7. 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 or the Preliminary Official Statements. GRORGH: No HCH. RES 712003 ,--7-*) /Tes. 01�- 025 6 6 7-V i ATTEST: Sandra D. Lee City Secretary Marianne Landers Banks City Attorney GUAGE: NU110E.RM6 712005 lfe,5 � q0 0 las THE CITY OF GEORGETOWN: By: Leo Wood Mayor 10,14901 CITY OF GEORGETOWN, TEXAS NOTICE OF INTENTION TO ISSUE UTILITY SYSTEM REVENUE BONDS, SERIES 1995A, I■ N THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $6,825,000 I (;VJJRGL: NO 110ERM 7120195 Eampsimmg 10.14 111 CITY OF GEORGETOWN, TEXAS NOTICE OF INTENTION TO ISSUE TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995 IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $725,000 pool presently proposes to provide for the payment of such Certificates of #bligation trom tfie ievy ana 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 nel, revenues of the City's utility system. I VOWATS "*' I N = (WORGH: NO r1CH.R115 7120195 -711� � e 5. 9, 5 -0 7