The URL can be used to link to this page

Home My WebLink AboutRES 021324-5.G - Electric Revenue BondRESOLUTION NO. 0-2 1?) ZH' S - CI RESOLUTION AUTHORIZING REDEMPTION OF CERTAIN OF THE CITY'S OUTSTANDING UTILITY SYSTEM REVENUE BONDS AND OTHER RELATED MATTERS WHEREAS, the City of Georgetown, Texas (the "City") has duly issued and there is now outstanding the following obligations that are currently subject to redemption at the option of the City: City of Georgetown, Texas Utility System Revenue Bonds, Series 2014, dated April 15, 2014, in the aggregate principal amount of $8,595,000 maturing on August 15 in the years 2024 through 2030, inclusive, and 2032 and 2034 (the "Series 2014 Bonds"); and WHEREAS, the City Council (the "City Council") of the City deems it to be in the best interest of the City to use lawfully available funds to call for redemption certain of the Series 2014 after the giving of notice and compliance with the provisions of the ordinance authorizing the issuance of such obligations (collectively, the "Redeemed Bonds") as further set forth in this Resolution. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: Section 1. The City hereby calls for redemption the Redeemed Bonds. Attached to this Resolution as Exhibit "A" and made a part hereof for all purposes, is a copy of the notice of redemption for the Redeemed Bonds in substantially final form with such changes approved by the Chief Financial Officer or the Treasurer (each an "Authorized Official"). Bond Counsel and the paying agent for the Redeemed Bonds are hereby authorized to take all actions necessary to effectuate the redemption of such obligations, including sending all notices of such redemption required by the ordinance authorizing the Redeemed Bonds. Each Authorized Official is further authorized to revise the timing of the redemption of the Redeemed Bonds and the delivery of any notice as needed to efficiently effectuate such redemption. Section 2. Each Authorized Official is hereby authorized to transfer lawfully available funds as necessary to redeem the Redeemed Bonds. Section 3. The Mayor of the City Council, each Authorized Official and all other officers, employees and agents of the City, and each of them, shall be and they are hereby expressly authorized, empowered and directed from time to time and at any time to do and perform all such acts and things, including obtaining additional CUSIP numbers, giving any notices as may be required by the City's continuing disclosure obligations, if any, with respect to the Redeemed Bonds and executing all other instruments or agreements, including an escrow agreement, if GEORGETOWN I Redemption 20241 Resolution required, whether or not herein mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this Resolution or the ordinance authorizing the Redeemed Bonds. Section 4. If any provision of this Resolution or the application thereof to any circumstance shall be held to be invalid, the remainder of this Resolution and the application thereof to other circumstances shall nevertheless be valid, and this governing body hereby declares that this Resolution would have been enacted without such invalid provision. Section 5. This Resolution shall be in full force and effect immediately upon its passage and approval. [The Remainder of This Page is Intentionally Left Blank] GEORGETOWN I Redemption 20241 Resolution PASSED AND APPROVED on this the 13th day of February, 2024. ATTEST: CITY OF G"RGL+"TOWN, TEXAS Robyn Den ore, City Secretary APPROVED AS TO FORM: 4� - -Skyc6h4assjn, City Attorney GEORGETOWN I Redemption 20241 Resolution EXHIBIT "A" NOTICE OF PARTIAL REDEMPTION NOTICE IS HEREBY GIVEN that the City of Georgetown, Texas (the "City") has called for redemption on March 15, 2024 (the "Redemption Date") the outstanding obligations of the City described below at a price of par plus accrued interest to such date of redemption, to -wit: Utility System Revenue Bonds, Series 2014, dated April 15, 2014, in the aggregate principal amount of $3,810,000 maturing on August 15 in the years 2024 through 2030, inclusive, and in the years 2032 and 2034 as set forth below (collectively, the "Redeemed Bonds") Principal Amount New New CUSIP* Original Maturity Principal Principal Outstanding CUSIP* Non- CUSIP Date Amount Amount Being After Interest Redeemed Redeemed Number* (August 15) Outstanding Redeemed Redemption Rate Portion Portion 373064VSO 2024 $ 625,000 $ 275,000 $ 350,000 2.50% 373064T46 373064U51 373064VT8 2025 650,000 285,000 365,000 2.75 373064T53 373064U69 373064VU5 2026 680,000 300,000 380,000 3.00 373064T61 373064U77 373064VV3 2027 710,000 315,000 395,000 3.00 373064T79 373064U85 373064VWI 2028 740,000 330,000 410,000 3.00 373064T87 373064U93 373064VX9 2029 775,000 345,000 430,000 3.25 373064T95 373064V27 373064VY7 2030 810,000 360,000 450,000 3.25 373064U28 373064V35 *** *** *** *** *** *** *** *** 373064WA8 2032 1,725,000 765,000 960,000 3.50 373064U36 373064V43 *** *** *** *** *** *** *** *** 373064WC4 2034 1,880,000 835,000 1,045,000 4.00 373064U44 373064V50 * The CUSIP Numbers are provided for the convenience of the holders of the Redeemed Bonds. The City and the paying agent do not warrant the accuracy of the CUSIP Numbers, and neither shall be responsible for any error of any nature relating to CUSIP Numbers. Additionally, the City has determined that the mandatory sinking fund installments related to the bonds maturing in the year 2032 and 2034 which remain outstanding will be as follows: Term Bond Maturing in 2032 Mandatory Redemption Date August 15, 2031 August 15, 2032 A-1 GEORGETOWN I Redemption 20241 Resolution Remaining Principal Amount Subject to MandatoKy Redemption $470,000 490,000 Tenn Bond Maturing in 2034 Mandatory Redemption Date August 15, 2033 August 15, 2034 Remaining Principal Amount Subject to Mandatory Redemption $510,000 535,000 The Redeemed Bonds shall be redeemed upon presentation at a principal corporate offices of The Bank of New York Mellon Trust Company, N.A., as paying agent/registrar for the Redeemed Bonds, at the addresses set forth below. Interest on the Redeemed Bonds shall cease to accrue from and after the Redemption Date. First ClasslReeistered/Certified :l?rril The Bank of New York Mellon Global Corporate Trust P.O. Box 396 East Syracuse, New York 13057 By Overni,2hi or Courier The Bank of New York Mellon Global Corporate Trust 111 Sanders Creek Parkway East Syracuse, New York 13057 By Hand The Bank of New York Mellon Global Corporate Trust Corporate Trust Window 101 Barclay Street 1 st Floor East New York, New York 10286 In compliance with section 3406 of the Internal Revenue Code of 1986, as amended, payors making certain payments due on debt securities may be obligated to deduct and withhold a portion of such payment from the remittance to any payee who has failed to provide such payor with a valid taxpayer identification number. To avoid the imposition of this withholding tax, such payees should submit a certified taxpayer identification number when surrendering obligations for redemption. CITY OF GEORGETOWN, TEXAS A-2 GEORGETOWN I Redemption 2024 1 Resolution Preliminary City of Georgetown, Texas 2024 Prepayment of Series 2014 Utility System Revenue Bonds Electric Portion Summary Of Bonds Refunded of Maturity Issue Maturity Type Bond Coupon Value Call Date Call Price Dated 5/15/2014 1 Delivered 5/15/2014 14 $13m1n Utility Revs (4/22) FINAL 09/15/2024 Serial Coupon 2.500% 275,000 03/15/2024 100.000% 14 $13mm Utility Revs (4/22) FINAL 08/15/2025 Serial Coupon 2.750% 285,000 03/15/2024 100.000% 14 $13mm Utility Revs (4/22) FINAL 08/15/2026 Serial Coupon 3.000% 300,000 03/15/2024 100.000% 14 $13tnm Utility Revs (4/22) FINAL 09/15/2027 Serial Coupon 3.000% 315,000 03/15,12024 100.000% 14 $13ntm Utility_Revs (4/22) FINAL 08/15/2028 Serial Coupon 3.0000/; 330,000 03/15,12024 100.000% 14 $13mm Utility Revs (4/22) FINAL 08/15!2029 Serial Coupon 3.250% 345,000 03/15/2024 100.000°io 14 $131nm Utility Revs (4/22) FINAL 08/15/2030 Serial Coupon 3.250% 360,000 03/15/2024 100.000% 14 $13mtn Utility Revs (4/22) FINAL 08/15/2031 Tenn 1 Coupon 3.500% 375,000 03/15/2024 100.000% 14 $131nni Utility Revs (4/22) FINAL 08/15/2032 Term I Coupon 3.500% 390,000 03/15/2024 100.000% 14 $13mm Utility Revs (4/22). FINAL 08/15,12033 Term 2 Coupon 4.000% 410,000 03/15/2024 100.000% 14 $13mm Utility Revs (4/22) FINAL 08/15/2034 Tenn 2 Coupon 4.000% 425,000 03/15/2024 100.000% Subtotal - - $3,810,000 - - Total - - $3.810.000 - - 2024 Def of s14 Elec (1-2 1 SINGLE PURPOSE 1 1122/2024 1 11:42 AM Preliminary City of Georgetown, Texas $13,000,000 Utility System Revenue Bonds, Series 2014 Debt Service To Maturity And To Call Refunded Refunded Refunded Date Bonds Interest D/S To Call Principal Coupon Interest DIS 03/15./2024 3,810,000.00 10,512.50 3,820,512.50 - - - - 081,15/2024 - - 275,000.00 2.500% 63,075.00 338,075.00 02./15/2025 - - - - 59,637,50 59,637.50 08/15/2025 - - 285,000.00 2.750% 59.637.50 344,637.50 02/15/2026 - - - - 55,719,75 55.718.75 08,15!2026 - - 300,000.00 3.000% 55;718.75 355,718.75 02,115;2027 - - - - - 51,218.75 51,218.75 08.115/2027 - - 315,000.00 3.000% 51,218,75 366,218.75 02/15/2028 - - - - = 46,493.75 46,493.75 08/15/2028 -• - - 330,000.00 3.000% 46,493.75 376,493.75 02/15/2029 - - _ - 41.543.75 41,543.75 08/15/2029 - - - 345,000.00 3.250% 41,543.75 386,543.75 02/15/2030 - - - - 35.937.50 35,937.50 08/ 15/2030 - - 360,000.00 3.250% 35,937.50 395,937.50 02/15/2031 W. - - 30,087,50 30,087.50 08/15/2031 - - 375,000.00 3.500% 30,087.50 405,087,50 02/15/2032 - - - - - 23,525.00 23,525.00 08/15/2032 - - - 390,000.00 3.500% 23,525.00 413,525.00 02/15/2033 = - - 16,700.00 16,700.00 08/15/2033 - 410,000.00 4.000% 16,700.00 426,700.00 02,115/2034 - - - - 8,500.00 8,500.00 08/15i2034 - 425,000.00 4.000% 8,500.00 433,500.00 Total $3,810,000.00 $10,512.50 $3,820,512.50 $3,810,000.00 - $801,800.00 $4,611,800.00 Yield Statistics Base date for Avg. Life & Avg, Coupon Calculation 3/15/2024 Avers e Life 5.855 Years Average Coupon 3.5471814% Weightcd Average Maturi� (Par Basis). 5.855 Years Weighted Average Maturity (Original Price Basis) 5.878 Years Refundina Bond Information Refimding Dated Date 3/15/2024 Refunding Delivery Date 3/15/2024 14 $13mm Utility Revs (41 1 SINGLE PURPOSE 1 1122/2024 1 11:42 AM