HomeMy WebLinkAboutRES 020921-Q - Tax & Rev. Cert of ObligationRESOLUTION NO.QZiQqV - Q
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 $25,000,000 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.
Georgetown\C0\2021: Notice Res
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.
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\2021: Notice Res
RESOLVED this 9th day of February, 2021.
ATTEST:
t
Robyn De snore, City Secretary
APPROVED AS TO FORM:
Skye Nhasson.l City Attorney
Georgetown\CO\2021: Notice Res SigPg
CITY (W)GEORGETOWN, TEXAS
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" (the "Certificates") for the purpose of paying contractual obligations incurred or to be
incurred by the City for: (1) 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 Aviation Drive;
(2) constructing, improving, expanding and renovating the City's Solid Waste transfer station; (3)
constructing, improving, expanding and renovating the City's public safety operation and training
center; (4) acquiring and upgrading city vehicles, including fire and police vehicles and related
equipment, an inspection vehicle and a traffic signal bucket truck; (5) constructing, improving,
expanding and renovating the City's municipal airport, including construction and/or
improvement of a maintenance and equipment storage facility; (6) acquiring and upgrading public
safety equipment including, cardiac monitors and self-contained breathing apparatus fire safety
equipment; (7) constructing, improving, renovating, expanding and equipping City parks and
recreation facilities, including renovation of the Teen/Senior Recreation Center, HVAC
improvements, park master planning, tennis center facility improvements, and the development
of neighborhood parks, including Heritage Gardens neighborhood park; (8) constructing and
installing accessibility improvements at City buildings, facilities and parks in accordance with the
Americans with Disabilities Act; (9) acquiring and upgrading City radio communication
equipment; and (10) 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 27th day of April, 2021 at Council Chambers, 510 W. 9th
Street, Georgetown, Texas 78626, the passage of an ordinance authorizing such Certificates which
ordinance shall be entitled "ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF
GEORGETOWN, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2021; 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 $25,000,000. 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
Georgetown\CO\2021: Notice Res A-1
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.
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 and public hearing
regarding the Certificates to be held on April 27, 2021 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 the April 27, 2021 meeting at the following internet
address: https://govemment.georgetown.org/
The following information is required pursuant to Texas Local Government Code, Section
271.049: As of February 9, 2021, the aggregate principal amount of all outstanding debt obligations
of the City secured by and payable from ad valorem taxes is $222,670,000. As of February 9, 2021,
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 $283,895,475. The estimated
combined principal and interest required to pay the Certificates on time and in full is $33,785,883.
The estimated interest rate for the Certificates is 3.00%. 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, 2041.
CITY OF GEORGETOWN, TEXAS
Georgetown\CO\2021: Notice Res A-2