HomeMy WebLinkAbout2020-R-08 - Intent to Issue Certificates of Obligation RESOLUTION NO. 2020-R-08
A RESOLUTION CONFIRMING INTENT TO ISSUE CERTIFICATES OF OBLIGATION;AND RESOLVING OTHER
MATTERS RELATING TO THE SUBJECT
WHEREAS, by the adoption of a resolution on January 7, 2020 (the "Notice of Intent
Resolution"), the City Council (the "Council") of the City of Stephenville, Texas (the "City"), directed that
notice of intention to issue combination tax and surplus revenue certificates of obligation of the City
(the "Certificates of Obligation") be given in a manner required by State law to enable the City to
authorize the issuance and sale of the Certificates of Obligation for the purpose of providing funds for
the projects and purposes (collectively,the "CO Projects") described in the notice attached to and made
a part of the Notice of Intent Resolution (the "Notice"); and
WHEREAS, by its consideration and adoption of this resolution, the Council confirms its action of
January 7, 2020, as provided herein, and directs that City staff proceed with all steps required for the
sale of the Certificates of Obligation on March 3, 2020; and
WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution
was passed was open to the public and public notice of the time, place and purpose of said meeting was
given, all as required by Chapter 551,Texas Government Code;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,
TEXAS:
SECTION 1. The preambles hereof shall be incorporated herein and made a part hereof for all purposes.
SECTION 2. The Council hereby confirms its intent to issue Certificates of Obligation to provide funds for
the CO Projects pursuant to an ordinance to be adopted on March 3, 2020, as provided in the Notice.
SECTION 3. The Council acknowledges that the Certificates of Obligation shall be authorized and issued
in an amount that will be determined through the marketing of the Certificates of Obligation, provided
that, in accordance with the Notice of Intent Resolution: (1) the principal amount of the Certificates of
Obligation shall not exceed $13,000,000 and (2) the Certificates of Obligation shall produce $12,500,000
in proceeds that may lawfully be deposited to a construction fund to pay costs of the CO Projects and an
amount sufficient to pay the costs incurred by the City in issuing and selling the Certificates of
Obligation.
SECTION 4. This Resolution is adopted to provide additional guidance to the City staff with respect to
the issuance and sale of the Certificates of Obligation, and is not a modification of the provisions of the
Notice of Intent Resolution.
PASSED AND APPROVED on this the 18th day of February, 2020.
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Staci L. ' g, City Secreta PQ R
Reviewed by All L. Barnes,
City Manager
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Randy Thomas, City Attorney
Approved as to form and legality