HomeMy WebLinkAboutRES 022520-P - Tax & Rev Cert of OblRESOLUTION NO. 0'Z 5Za_F
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
THE STATE OF TEXAS §
CITY OF GEORGETOWN §
COUNTY OF WILLIAMSON §
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 $12,805,000 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.
Georgetown\CO\2020: Notice Res
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GEORGETOWN, TEXAS:
I. 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.
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. 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\2020: Notice Res
RESOLVED this 25th day of February, 2020.
ATTEST:
Robyn Awsmore, City Secretary
APPROVED AS TO FORM:
�c
Char ie McNabb, City Attorney
Georgetown\CO\2020: Notice Res SigPg
CITY OF GEORGETOWN, TEXAS
Dale Ross, Mayor
EXHIBIT A
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," for the purpose of paying contractual obligations incurred or to be incurred by the
City for: (1) constructing, improving, expanding and renovating the City's municipal airport,
including construction and/or improvement of a maintenance and equipment storage facility; (2)
constructing, improving, expanding and renovating the City's fuel station at the City's Solid Waste
transfer station, including site work, paving, foundation improvements, fuel dispensing
equipment, and canopy replacement; (3) constructing, improving, renovating, expanding and
equipping City Municipal Complex buildings; (4) acquiring and upgrading public safety vehicles,
including fire and police vehicles and related equipment, including radio replacement; (5)
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 SE Inner Loop, Westinghouse Road and Scenic Lake
Drive; (6) constructing, improving, renovating, expanding and equipping City parks facilities,
including Improvements in accordance with the Americans with Disabilities Act, neighborhood
park improvements, park master planning and tennis center pool demolition; (7) acquiring and
upgrading public safety equipment including, body cameras, cardiac monitors and self-contained
breathing apparatus fire safety equipment; (8) constructing, improving, extending, expanding and
upgrading stormwater drainage improvements, including curb and gutter improvements; and (9)
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 o'clock, p.m., on the 28th day of April, 2020 at Council Chambers, 510 W. 9th
Street, Georgetown, Texas 78626, the passage of an ordinance authorizing such Certificates of
Obligation which ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE
OF CITY OF GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION, SERIES 2020; LEVYING AN AD VALOREM TAX AND
THE PLEDGE OF CERTAIN REVENUES IN SUPPORT OF THE CERTIFICATES;
APPROVING AN OFFICIAL STATEMENT, A PAYING AGENT/REGISTRAR
AGREEMENT AND OTHER AGREEMENTS RELATED TO THE 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 $12,805,000. 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 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
Georgetown\CO\2020: Notice Res A-1
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.
The following information is required pursuant to Texas Local Government Code, Section 271.049
to be provided by the City (excludes $46,601,875 in principal amount of outstanding debt
obligations that the City has designated as self-supporting and which the City reasonably expects to
pay from revenues sources other than ad valorem taxes; provided, however, that in the event that
such self-supporting revenue sources are insufficient to pay debt service, the City is obligated to
levy ad valorem taxes to pay such debt obligations): As of February 25, 2020, the aggregate
principal amount of all outstanding debt obligations of the City secured by and payable from ad
valorem taxes is $169,958,125 (excluding self-supporting debt). As of February 25, 2020, 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 $222,826.583.12 (excluding self-
supporting debt). The estimated combined principal and interest required to pay the Certificates on
time and in full is $15,746,404.49. The estimated interest rate for the Certificates is 2.43%. 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, 2040. More information on the
specific debt obligations that the City has designated as self-supporting is available upon request to
the City at the address noted above.
CITY OF GEORGETOWN, TEXAS
Georgetown\CO\2020: Notice Res A-2