HomeMy WebLinkAboutRES 980428-MRE. 98o s�aa-rn
RESOLUTION DMECTING THE PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CITY OF GEORGETOWN, TEXAS UTILITY
SYSTEM REVENUE AND REFUNDING BONDS, SERIES 1998A AND
CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND UTILITY
SYSTEM LIMITED REVENUE CERTIFICATES OF OBLIGATION,
SERIES 1998;APPROVING THE PR>EILYINPRY OFFICIAL STATEMENTS;
AUTHORIZING DISTRIBUTION OF SUCH PRIELE UNARY OFFICIAL
STATEMENTS AND OTHER MATTERS RELATED THERETO
THE STATE OF TEXAS §
CITY OF GEORGETOWN §
COUNTY OF WILLIAMSON §
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 "New Money Bonds") and refund certain outstanding
utility system indebtedness on a tax-exempt basis (the "Refunding Bonds") (the Refunding Bonds and
the New Money Bonds collectively, the "Tax -Exempt Bonds"), (ii) make certain public improvements
within the City (the "Certificates") and (iii) refund certain of the C: r s outstanding utility system
indebtedness on a taxable basis (the "Taxable 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 utility system including (i)
constructing water and electric lines, (ii) constructing an additional wastewater treatment plant and
related infrastructure and (iii) payment of professional services including legal, fiscal, architectural,
engineering and any costs of issuance (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 New
Money Bonds in a maximum principal amount not to exceed $8,500,000 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 New Money Bonds, the City is required under
Article 2368a and Chapter 252, Local Government Code to publish notice of its intention to issue
such 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 public improvements within the City including: (1) stormwater drainage
improvements throughout the City, (2) facilities expansion including expansion of the police station,
(3) park and recreation facilities including the purchase of a new tennis and pool facility at Berry
Creek and expansion of the hike and bike trail system, (4) transportation projects including repair of
existing streets and construction of additional streets and repair/rehabilitation of airport runway, and
(5) paying professional services including fiscal, engineering, architectural and legal fees and other
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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 $5,225,000 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: (i) 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 $2,000,000 principal amount of the
Certificates will 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 utility system; and
WHEREAS, the City Council further finds it is in the C+ty's best interest to refund its
outstanding utility system indebtedness in order to achieve a debt service savings with respect to the
Refunding Bonds and to modernize provisions of the ordinance related to the utility system to provide
the City greater flexibility; and
WHEREAS, the City Council deems it appropriate to approve the Preliminary Official
Statements in connection with the issuance of the Tax -Exempt Bonds, the Taxable Bonds and the
Certificates 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
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 Tax -Exempt Bonds, the Taxable 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 New
Money 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.
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I 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 Tax -Exempt Bonds, the Taxable
Bonds and the Certificates implements Finance Policy 4 of the Century Plan - Policy Plan Element,
which states; "The City shall develop a strategy to provide sufficient financial resources, for both
short term and long term needs", and Economic Development Policy which states "The City will
encourage diversified growth and promote business opportunities to create jobs, 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. -
b. The City's Financial Advisor and Bond Counsel are hereby authorized to take all actions
necessary in connection with the marketing of the Tax -Exempt Bc^As, the Taxable Bonds and 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 including
approving appropriate changes to the notices or the Preliminary Official Statements.
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RESOLVED this 28th day of April, 1998,
ATTEST:
Sandra D. Lee, City Secretary
APPROVED AS TO FORM:
C'
Marianne Landers anks
City Attomey
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THE CITY OF GEORGETOWN:
Leo Wood, Mayor
EXHIBIT A
CITY OF GEORGETOWN, TEXAS
NOTICE OF INTENTION TO ISSUE
UTILITY SYSTEM REVENUE AND REFUNDING BONDS, SERIES 1998A,
IN THE AGGREGATE PRINCTPAx AMOUNT NOT TO
EXCEED $8,500,000
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of
Georgetown, Texas, to issue revenue bonds of the City entitled "City of Georgetown, Texas Utility
System Revenue and Refunding Bonds, Series 1998A." The bonds will be payable from, together
with any additional bonds, by a first lien on and pledge of the Pledged Revenues of the City's Utility
System, all as will be further described, defined and provided in the aforesaid Ordinance. 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 new money portion of 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 improvements and
extensions to the City's utility system including (i) constructing water and electric lines, (ii)
constructing an additional wastewater treatment plant and related infrastructure and (iii) payment of
professional services including legal, fiscal, architectural, engineering and any costs of issuance. The
City Council tentatively proposes to introduce for first reading at a meeting to commence at 7
o'clock, p.m., on the 12th day of May, 1998 and to consider for final passage at a meeting to
commence at 7 o'clock, p.m_, on the 9th day of June, 1998, an ordinance authorizing such bonds at
the City Ball, 609 Main, Georgetown, Texas which ordinance shall be entitled "AN ORDINANCE
BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS AUTHORIZTNG THE
ISSUANCE, SALE AND DELIVERY OF "CITY OF GEORGETOWN, TMS UTILITY SYSTEM
REVENUE AND REFUNDING BONDS, SERIES 1998A" AND "CITY OF GF.URGETOWN,
TEXAS UTILITY SYSTEM REVENUE REFUNDING BONDS, TAXABLE SERIES 1998B"-
APPROVING
99813';APPROVING AND AUTHORIZING AN OFFICIAL STATEMENT AND THE DISTRIBUTTON
THEREOF; AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT, AN ESCROW
AGREEMENT AND A PAYING AGENT/REGISTRAR AGREEMENT; CALLING CERT AIN
OUTSTANDING BONDS FOR REDEMPTION; AND APPROVING AND AUTHORIZING ALL
OTHER INSTRUMENTS AND PROCEDURES RELATED THERETO." The maximum amount
of new money bonds that may be authorized for the purposes set forth above is $8,500,000.
CITY OF GEORGETOWN, TEXAS
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Exhibif- f4, /0 °��
CITY OF GEORGETOWN, TEXAS
NOTICE OF INTENTION TO ISSUE
TAX AND UTILITY SYSTEM LIMITED RE'V'ENUE
CERTIFICATES OF `_ 13LIGATION,
SERIES 1998 IN THE AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $5,225,000
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 1998," for the purpose of paying contractual obligations to be incurred by the, City for public
improvements within the City including (1) stormwater drainage improvements throughout the City
(2) facilities expansion including expansion of the police station, (3) park and recreation facilities
including the purchase of a new tennis and pool facility at Berry Creek and expansion of the hike and
bike trail system, (4) transportation projects including repair of existing streets and construction of
additional streets and repair/rehabilitation of airport runway, and (5) paying 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 ^ouncil tentatively proposes to
introduce for first reading at a meeting to commence at 7 o'clock, p.m., on the 12th day of May, 1998
and to consider for final passage at a meeting to commence at 7 o'clock, p.m., on the 9th day of June,
1998, an ordinance authorizing such Certificates of Obligation at the City Ball, 609 Main,
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 1998;
AUTHORIZING TEE LEVY OF AN AD VALOREM TAX AND THE PLEDGE OF CERTAIN
REVENUES IN SUPPORT OF THE CERTIFICATES; APPROVING AN OFFICIAL
STATEMENT, A PAYING AGENT/REGISTRAR AGREEMENT, A PURCHASE CONTRACT
AND OTHER AGREEMENTS RELATED TO TIS 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 $5,225,000. 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 systern, 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
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