HomeMy WebLinkAboutRES 022222-N - Intent to Issue CO BondsRESOLUTION NO. QZZZ?Z-A)
RESOLUTION AUTHORIZING THE PUBLICATION OF NOTICE OF INTENTION TO
ISSUE CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION; AUTHORIZING THE PREPARATION OF
OFFERING DOCUMENTS BY SPECIALIZED PUBLIC FINANCE INC. AND
OTHER MATTERS RELATED THERETO
WHEREAS, the City Council (the "Council") ofthe City of Georgetown, Texas (the "City")
has determined that it is in the best interest of the City to proceed with the issuance of certificates
of obligation ("Certificates") to implement certain projects of the City's capital improvement
programs; and
WHEREAS, the City Council of the City finds that the payment in whole or in part
of contractual obligations incurred or to be incurred for the purposes set forth in Exhibit "A"
attached hereto (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 $11,000,000 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 and continuously on the City's website, the notice stating: (i) the time and place tentatively set
for the passage of the ordinance authorizing the issuance of the Certificates, (ii) the purpose of the
Certificates, (iii) the manner in which the Certificates will be paid, (iv) the then -current principal of
all outstanding debt obligations of the City; (v) the then -current combined principal and interest
required to pay all outstanding debt obligations of the City on time and in full; (vi) the maximum
principal amount of the Certificates; (vii) the estimated combined principal and interest required to
pay the Certificates on time and in full; (viii) the estimated interest rate for the Certificates or that
the maximum interest rate for the Certificates may not exceed the maximum legal interest rate; and
(ix) the maximum maturity date of the Certificates; 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.
Georgetown\CO\2022: Notice Res
2. The City Council hereby finds that the issuance of the Certificates complies with the
Vision Statement of the City of Georgetown.
3. Bond Counsel to the City shall cause the notice to be published in substantially the
form attached hereto, in a newspaper (as defined by Subchapter C, Chapter 2051, Government Code)
that is of general circulation in the City, for two consecutive weeks, the date of the first publication
to be at least 46 days before the date tentatively set for passage of the ordinance authorizing the
issuance of the Certificates.
4. The City Secretary shall cause the notice to be continuously published in
substantially the form attached hereto on the City's website for at least 45 days before the date
tentatively set for the passage of the ordinance authorizing the issuance of the Certificates.
5. The Assistant City Manager, the City's Finance Director and the City's Treasurer
along with the City's financial advisor, Specialized Public Finance Inc., and bond counsel are
authorized to proceed with preparing the necessary bond and offering documents to effectuate
the sale ofthe Certificates and any other public securities of the City anticipated to be sold at or near
the time of the Certificates, including making application to appropriate rating agencies and bond
insurers, if applicable.
6. The City hereby authorizes the disbursement of a fee equal to the lesser of (i) one -tenth
of one percent of the principal amount of each series of the Certificates being issued or (ii) $9,500 for
each series, provided that such fee shall not be less than $750, to the Attorney General of Texas Public
Finance Division for payment of the examination fee charged by the State of Texas for the Attorney
General's review and approval of public securities and credit agreements, as required by Section
1202.004 of the Texas Government Code. The appropriate member of the City's staff is hereby
instructed to take the necessary measures to make this payment. The City is also authorized to reimburse
the appropriate City funds for such payment from proceeds of the Certificates.
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.
Georgetown\CO\2022: Notice Res
RESOLVED this 22nd day of February, 2022.
ATTEST:
c
Robyn De more, City Secretary
APPROVED AS TO FORM:
- a_10�)
Sky assa , City Attomey
Georgetown\CO\2022: Notice Res SigPg
CITY OF G"RCETOWN, TEXAS
NOTICE OF INTENTION REGARDING CITY OF GEORGETOWN, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of
Georgetown, Texas, to issue one or more series of interest bearing certificates of obligation of the
City entitled "City of Georgetown, Texas Combination Tax and Revenue Certificates of
Obligation" (the "Certificates") for the purpose of paying contractual obligations incurred or to be
incurred by the City for: (1) acquiring and upgrading City radio communication equipment and
public safety equipment including self-contained breathing apparatus fire safety equipment; (2)
renovating, improving and equipping existing City Municipal Complex buildings; (3)
constructing, improving, renovating, expanding and equipping a public safety facility comprised
of a City Fire Logistics building; (4) acquiring and upgrading city vehicles, including fire and
police vehicles and related equipment; (5) constructing, improving, extending, expanding and
upgrading stormwater drainage improvements, including curb and gutter improvements; (6)
constructing, improving, extending, expanding, upgrading and developing City streets, bridges,
sidewalks, intersections and related traffic improvements including purchasing any necessary
right-of-way and equipment, including for Jesse Cocke Drive, Owen Harper Way and Wittera
Way; (7) constructing, improving, expanding and renovating the City's municipal airport,
including construction and/or improvement of a maintenance and equipment storage facility; 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 6:00 p.m., on April 26, 2022 at Council Chambers, 510 W. 9th Street, Georgetown,
Texas 78626, the passage of an ordinance authorizing the Certificates which ordinance shall be
entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF GEORGETOWN,
TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES
2022; LEVYING AN AD VALOREM TAX AND PLEDGING CERTAIN REVENUES IN
SUPPORT OF THE CERTIFICATES; APPROVING AN OFFICIAL STATEMENT, A
PAYING AGENT/REGISTRAR AGREEMENT AND OTHER RELATED DOCUMENTS;
AWARDING THE SALE OF THE CERTIFICATES AND AUTHORIZING OTHER
MATTERS RELATING TO THE CERTIFICATES." The maximum amount of the Certificates
that may be authorized for such purpose is $11,000,000. The City Council presently proposes to
provide for the payment of such Certificates 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 obligations (now or
hereafter outstanding) which are payable from all or any part of the net revenues of the City's
utility system.
Georgetown\CO\2022: Notice Res A-1
Due to the ongoing public health concerns regarding the COVID 19 virus, and as may be
authorized by Executive Order of the Governor of Texas, such meeting regarding the Certificates
to be held on April 26, 2022 may be conducted via a free public video conference or other lawful
electronic means. In such event, information regarding how to access the meeting and public
participation in the meeting will be available on the City's website and in the agenda posted no
less than 72 hours before such meeting at the following internet address:
https:llgovarninent.georgetown.or I
The following information is required pursuant to Texas Local Government Code, Section
271.049: As of February 22, 2022, the aggregate principal amount of all outstanding debt
obligations of the City secured by and payable from ad valorem taxes is $327,735,000. As of
February 22, 2022, the combined principal and interest required to pay all outstanding debt
obligations of the City secured by and payable from ad valorem taxes on time and in full is
$403,032,448.47. Such amounts also include debt service on debt that the City currently intends to
pay from sources other than ad valorem taxes but that could be paid from ad valorem taxes if such
other sources are not available at the time required for payment. The estimated combined principal
and interest required to pay the Certificates on time and in full is $14,889,433.33. The estimated
interest rate for the Certificates is 3.0%. Such estimates take into account a number of factors,
including the issuance schedule, maturity schedule and the expected ratings of the proposed
Certificates. Such estimated interest rate is provided as a matter of information but is not a limitation
on the interest rate at which the Certificates may be sold. The maximum maturity date of the
Certificates is August 15, 2042.
CITY OF GEORGETOWN, TEXAS
Georgetown\CO\2022: Notice Res A-2