HomeMy WebLinkAbout1996-R-02 - Combination Tax And Revenue Certificates Of ObligationRESOLUTION NO. 1996-2
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION.
STATE OF TEXAS §
COUNTY OF ERATH §
CITY OF STEPHENVII,LE §
WHEREAS, the City deems it advisable to give notice of intention to issue one or more
series of Certificates of Obligation in the maximum principal amount of $2,000,000 for the
acquisition, construction and equipment of certain public improvements for the City consisting of
(i) the acquisition of fire department equipment, including a pumper truck, an aerial truck and a
booster truck, (ii) the acquisition and renovation of a building located at the corner of Washington
and Columbia Streets in the City for use as a new city hall and the acquisition of an adjacent
parking lot, (iii) the construction and equipment of a new maintenance service facility in the City,
(iv) the renovation of the existing city hall for use as a public safety building, and (v) to pay legal,
fiscal, and engineering fees in connection with this project; 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.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
STEPHENVILLE:
1. That attached hereto is a form of the Notice of Intention to issue Certificates of
Obligation, the form and substance of which is hereby adopted and approved.
2. That the City Secretary shall cause said notice to be published in substantially the
form attached hereto, in a newspaper of general circulation in said City, and published in said City,
on the same day in each of two consecutive weeks, the date of the first publication thereof to be
at least 14 days prior to the time set for the first reading of the ordinance authorizing the issuance
of such certificates of obligation as shown in said notice.
Resolution 1996-2
Page 1
Section 3. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant
to this Statement more than three years after the date any expenditure which is to be reimbursed is
paid.
PASSED AND APPROVED by the City Council of the City of Stephenville, Texas, this the
Sth day of March, 1996.
Cia4vma Lohrmann, ayor
ATTEST:
rd, Clity Se§raary
Reviewed by Donald B . Davis,
City Administrator
Approved as to form and legality
Randy Thomas, City Attorney
Resolution 1996-1
Page 2
CITY OF STEPHENVILLE
NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
The City of Stephenville does hereby give notice of intention to issue one or more series of
Combination Tax and Revenue Certificates of Obligation, in the maximum principal amount not to
exceed $2,000,000, for paying all or a portion of the City's contractual obligations for the acquisition,
construction and equipment of rPrtain niih c improvements for the City consisting of (i) the
acquisition of fire department equipment, including a pumper truck, an aerial truck and a booster
truck, (ii) the acquisition and- renovation of a building located at the corner of Washington and
Columbia Streets in the City for use as a new city hall and the acquisition of an adjacent parking lot,
(iii) the construction and equipment of a new maintenance service facility in the City, (iv) the
renovation of the existing city hall for use as a public safety building and (v) to pay legal, fiscal and
engineering fees in connection with this project. The City proposes to adopt an ordinance which will
provide that the Certificates of Obligation shall be secured by a pledge of funds received from the levy
and collection of ad valorem taxes in the City as provided by law, and from a limited pledge of the
surplus revenues (the "Surplus Revenues") of the City's Waterworks and Sewer System, 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
Waterworks and Sewer System; provided that if there are Surplus Revenues available to pay all or
part of the Certificates of Obligation in any fiscal year, the levy of the ad valorem taxes shall be
reduced by the amount of Surplus Revenues which are available to pay debt service on the
Certificates of Obligation . The City Council intends to consider for passage at a Regular Meeting
to be held at 7:00 P.M. on April 22 1996, an Ordinance authorizing the issuance of Combination Tax
and Revenue Certificates of Obligation, at the City Hall, 354 N. Belknap Street, Stephenville, Texas.
CITY OF STEPHENVII.LLE
Lavinia Lohrmann, Mayor