HomeMy WebLinkAbout2020-R-03 - Notice of Intent to Issue COs RESOLUTION NO.2020-R-03
A RESOLUTION DIRECTING NEWSPAPER PUBLICATION AND WEBSITE POSTING OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS RELATING TO
THE SUBJECT
WHEREAS, the City Council of the City of Stephenville, Texas (the "City"), deems it advisable to
give notice of intention to issue certificates of obligation of the City (the "Certificates of Obligation"), as
hereinafter provided; 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.
Attached hereto and marked Exhibit A is the form of Notice of Intention to Issue Certificates of
Obligation of the City (the "Notice"),the form and substance of which are hereby passed and approved.
Section 2.
The City Secretary shall cause the Notice, in substantially the form attached hereto, to be published in a
newspaper of general circulation in the City, and published in the City, once a week for two consecutive
weeks, the date of the first publication thereof to be before the 45th day before the date tentatively set
for the passage of the ordinance authorizing the issuance of the Certificates of Obligation.
Section 3.
The City Secretary shall cause the Notice, in substantially the form attached hereto, to be posted
continuously on the City's Internet website for at least 45 days before the date tentatively set for the
passage of the ordinance authorizing the issuance of the Certificates of Obligation.
Section 4.
The City expects to pay, or have paid on its behalf, expenditures in connection with the design, planning,
acquisition and construction of the projects described on Exhibit A hereto (the "Projects") prior to the
issuance of the Certificates of Obligation described herein as tax-exempt obligations. This Resolution is
intended to establish official intent to reimburse the City for such costs of the Projects all as set forth in
section 1.150-2 of the United States Treasury Regulations.
Section 5.
This Resolution shall be effective immediately upon adoption.
PASSED and APPROVED this the 7t;,day' f'JM,puary, 2020.
OF s TFP
►— • ` = D• g Svien, Mayor
ATTEST:
Staci L. ing, City Secretary
Reviewed by Al n L. Barnes,
City Manager
Approved as to form and legality by
Randy Thomas, City Attorney
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE CITY OF STEPHENVILLE,TEXAS
NOTICE IS HEREBY GIVEN that the City Council of the City of Stephenville, Texas (the "City"), at
its meeting to commence at 5:30 p.m. on March 3, 2020, at the Stephenville City Hall Council Chambers,
298 W. Washington Street in Stephenville, Texas, tentatively proposes to adopt one or more ordinances
authorizing the issuance of certificates of obligation, in one or more series, in an amount not to exceed
$13,000,000 for the purpose of paying all or a portion of the City's contractual obligations incurred in
connection with the following public improvements in the City: (1) constructing, improving, extending,
expanding, upgrading Harbin Drive in the City, including related storm water drainage improvements,
utility relocations, landscaping, sidewalks, traffic safety and operational improvements and the purchase
of any necessary right-of-way and other related costs, and upon the completion of the Harbin Drive
improvements, to make such improvements and upgrades to other streets and roads in the City with
any remaining moneys; (2) constructing and improving other public improvements along U.S. Highway
377 in the western part of the City, including landscaping, sidewalks, drainage improvements, public
parking, installation of lighting, expansion of utility lines and utility relocations, the acquisition of any
necessary land and interests in land associated with these improvements and other related costs; and
(3) paying legal, fiscal, engineering and architectural fees in connection with such projects. The
maximum interest rate for the certificates will not exceed the maximum legal interest rate. The
maximum maturity date for the certificates is February 15, 2040. The estimated combined principal and
interest required to pay the certificates to be authorized on time and in full is $17,552,609. The City
currently has outstanding debt obligations (not including self-supporting debt obligations) equal to
$2,785,000 in principal amount and $543,675 in combined principal and interest required to pay such
outstanding debt obligations on time and in full. The City 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 a pledge of surplus revenues of the City's waterworks and sewer system (the "System") that
remain after payment of all operation and maintenance expenses thereof, and after all debt service,
reserve and other requirements in connection with all revenue bonds or other obligations (now or
hereafter outstanding) of the City have been met, to the extent that such obligations are payable from
all or any part of the net revenues of the System. The certificates of obligation are to be issued, and this
notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C
of Chapter 271.
CITY OF STEPHENVILLE, TEXAS